Many people spend upwards of 20+ years in retirement, but most don’t have nearly enough money saved to get them through a time that should be filled with enjoyment, not worrying about how to make it through each month.
But how much do you need? Standard advice is as much money as you can manage to save; to be more specific, we recommend setting aside 10%–15% of your paycheck and starting as early as possible. Bailey Scarano can help create a budget for you to keep your retirement savings on track for the future, while giving you the flexibility to accomplish what you want (and need) to do today.
If you already have a budget and retirement savings plan established, we suggest reviewing and re-evaluating it every 2–3 years to confirm it is still slated to meet your goals and accommodates fluctuations in the market. As you review your savings goals, make sure you accurately estimate the funds you think you will need. Many investing professionals recommend that you have at least 10 times your last full year’s worth of income set aside at the time of retirement; it may sound like a lot, but studies have shown that people typically spend the same amount of money or more during retirement, not less.
Planning for retirement might mean making some important life decisions, like delaying retirement. Many people choose to work into retirement years (sometimes cutting back to part-time) to help get them to a more comfortable place to kick-start their next chapter. If you have questions about planning for your retirement, feel free to give us a call and we can give you some pointers on what is best for you and your future.