Will You Have Enough Income in Retirement?
Conventional wisdom says you should plan to generate 80 percent of your working income in retirement, but the truth is there isn’t one specific number that’s right for everyone. Income needs in retirement are unique to each individual-so only you can really say how much income you’ll need. We can help you as the right questions to arrive at the number that makes sense for you.
The Essential Questions
If answered honestly and accurately, these six essential questions can help you plan for your retirement income:
1. How much do you spend right now?
2. How will your spending change in retirement? Do you dram of traveling? Plan to move out of state?
3. Will family issues effect your spending?
4. Will your taxes be higher or lower in retirement?
5. How could inflation impact your retirement assets?
6. How long will you live?