I’m always surprised at the number of clients, or even friends and family, that don’t know how much money they need to have to retire at their current standard of living. Many of them know where their retirement accounts are – IRAs, 401(k) plans, employer-provided pensions, etc. – and they may even have an idea of their approximate balances, but they don’t know how much they’ll need. If this sounds like you, you’re not alone.
When planning for retirement, it is important to know how much money you need and to have a plan in place that gets you there. While you can’t predict interest rates, inflation or how long you’ll live, you can calculate what you have now, how much you can save and how much money you’ll need once you retire. Sure, that number may be intimidating, but it doesn’t have to be. It gives you a tangible goal to work toward.
With the right advisor and the right retirement plan, you can ensure that you won’t outlive your money. How? By taking a “slow and steady wins the race” approach to saving and investing. Forget the potential of a big payday from the stock market. It isn’t going to happen anytime soon. But you can make smart, conservative investment choices now that will take the guesswork out of retirement planning.
To learn more, listen to my radio show, each Saturday at 1 p.m. PST on KBRT 740 AM or contact my office. I can share further insights with you during a phone call or meeting, so you can decide what your next step will be.