If you are actively planning for your retirement – good going. More people should. But as you plan, do you have a clear sense of how much money you’ll need to retire? In this month’s Planning for Your Financial Future column, we’re urging you to think about how much you’ll need when the time comes for you to retire.
It’s been said that as a rule of thumb, you’ll need 70% of your end salary to live comfortably in retirement — that’s not necessarily true for everyone. People often underestimate what they will need to sustain their lifestyle and handle both short and long term expenses – especially those related to medical care.
Life changing events such as marriage, having a family, planning for your retirement, potential healthcare costs, and the like, are bound to arise in your life – so you need to prepare for them as best as you can.
None of this is reason to panic. It just means you need to plan wisely, especially if you are under the age of 50. You may come from a family with good genes, where people routinely live well into their 80’s or even longer. That’s great – but just understand what you’ll need in order to remain independent throughout those years.
To get more information on planning for your retirement, contact First Financial’s Investment and Retirement Center to set up a no-cost consultation at 732.312.1500 or visit our website for more information.
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