How Much Money Do You Need to Retire?

Planning for retirement can be an exciting time for many adults – thinking of no longer working, spending time on the golf course, traveling, or enjoying visits with grandchildren. However, your retirement dreams can turn into nightmares if you haven't adequately accounted for your spending needs in determining how much money you need to retire.

This conversation is all about you – a thoughtful discussion about your retirement goals, plans, healthcare and spending needs.

How Do You Want to Spend Your Retirement?

When you're asking yourself, "How much money do I need to retire?" It's important to think of how you envision spending your retirement. Are you planning to remain in your current home, or do you wish to relocate somewhere, perhaps closer to family? Do you want to travel, or are you more content pursuing hobbies that keep you closer to home?

By thoroughly understanding your desires, goals, and plans for retirement, we can design a financial plan to help secure your retirement dreams.

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When Should I Start Planning For Retirement?

When it comes to making retirement plans, you can never start too early. Ideally, you should start saving in your 20's, once you have finished school and started working. Many employers help individuals save for retirement by offering retirement plans such as 401(k)'s, which are funded via contributions that are withheld from your paycheck an deposited in your 401(k) account.

Estimating Your Budget and Cash Flow

The answer to how much money you need to retire depends on how you spend your money now. Some things, such as buying new clothing for work, or child care expenses, may not be part of your budget once you are retired. However as we get older, we experience an increase to healthcare expenses such as medical equipment and prescription medications. It is important to identify your retirement income sources and plan your retirement budget accordingly.

Are You Relying on Social Security?

If you're planning for social security income to satisfy your retirement income needs, you may have some issues. Inflation, as well as the shrinking balance of the social security trust fund, means that your financial plan should include additional retirement income sources. Ask a professional financial planner how you can start saving for retirement in other ways.

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