Retirement Strategies

Perhaps you are asking yourself,

How Much Is Enough To Retire?

We’re seeing rising healthcare costs and this trend is expected to continue. The cost of living is also increasing. Every year, even necessities like food and housing become more expensive. In addition, people are living longer thanks to medical advances. As a result, people have to plan for longer retirement compared to previous generations. As life longevity increases, retirement strategies are changing. So, how can you determine if you will have enough? There are several retirement strategies you can use to plan for tomorrow as effectively as possible. 

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When planning for retirement, inflation is one of the key factors you will need to consider to answer the question, “how much is enough to retire?” The rising cost of living causes each dollar you save to depreciate over time. The basic inflation rate can be calculated. Inflation is typically around 2% annually. Take your usual yearly expenses, and compound them by 2% each year.

To illustrate, let’s assume that your yearly expenses amount to $40,000. At 2% inflation, you would need $40,800 in the next year to maintain your current standard of living. Within 5 years, you would need $44,000. Within 10 years, it will cost approximately $50,000 to get the same things you bought 10 years ago for $10,000 less. An effective retirement strategy involves figuring out how much income you’ll need today and in the future. You deserve a financial strategy that will provide you with the income you need for the rest of your life. Sadie Sicka can help walk you through this using your specific circumstances to help you answer the question, “how much is enough to retire?”

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Creating your

Retirement Budget

Retirement expenses must also be considered to answer “how much is enough to retire?”. As part of our retirement planning process, we talk with our clients about their expected expenses.  It is vital to get a realistic estimate of how much you’ll need to fund your retirement.

Online budget or cost of living calculators can help you determine what approximate income and expenses you need to meet. Having an adequate income can help you maintain your lifestyle and pay for living expenses in retirement.  Factor in your day-to-day expenses, such as housing, food, and health care. Take into account the “extras” when you calculate your expenses. For example, you may want to travel more, pay off your mortgage, make charitable donations, or face an emergency. Be prepared for unanticipated expenses by creating an emergency fund. 

Safeguard your Retirement Income

In today’s rapidly changing economy, many companies are unable to maintain their pension programs. Government employees must contribute more to their pension now than they did in the past.  As retirement approaches, many people discover that their payouts are significantly lower than expected. Markets and mutual funds, which carry higher risks, are also not ideal options. In the event of a market crash, your income may also significantly diminish.  As a result, retirement options that provide a secure income may seem to be a thing of the past.

This is why protecting your principal is essential in preventing loss and ensuring a secure retirement. We offer a variety of options including optional benefits on fixed indexed annuities. Our strategy focuses on protecting your assets while still offering a *reasonable rate of return over time. Our goal is to help you feel confident when asking yourself, “How much is enough to retire?”.

*Insurance products may offer a reasonable rate of return over time. They are backed by the claims paying ability of the insurance carrier.

Preparing for your future takes planning

We can show you how to be confident about your retirement income strategies.

Get in touch with us for a no-cost, no-obligation consultation. Or join us for a no-cost, no-obligation educational dinner seminar and insurance sales presentation. 

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