The retirement question most of us have to face is, “when should I retire?” And for most of us, that is not an extremely clear answer. There are so many factors to consider: social security, pension, health care costs, just to name a few. Let alone considering the factors like the mental, social, physical and spiritual aspects of your retirement to consider.
From purely a numbers stand point, meaning will the money I have saved be enough to allow me to accomplish my goals, that can be dialed in by determining key strategies and goals in the financial piece of your retirement puzzle. Some important keys to success include:
- Matching your retirement to your preretirement lifestyle to minimize drop off in living standards.
- Maximizing your income so that social security is no more than 40%, your max preretirement income value, of your retirement income.
- Placing retirement savings ahead of other goals, like paying for your children’s college or a vacation home, to make sure you stay on track.
- Don’t be totally exposed to stock market fluctuations. Having steady income from several sources will help to minimize the impact of market change.
The are just a few of the strategies to consider, but when it comes down to the formula, it takes a partner to help you accomplish your goals. We’re here to help. Independent, customer focuses and driven to serve, we want you to succeed. To find out more, let’s talk.