Having clearly defined steps can help you stay on track with most important events in life, to include retirement.
Does thinking about retirement overwhelm you?
Are you not quite sure what to expect?
Do you find yourself paralyzed because you do not know where to begin?
According to a recent Forbes article titled “How Much Do You Need To Retire: 4 Things For Your Checklist,” there are a few things you can do now to set yourself up for success later.
What are they?
Once you know the when, you can begin to calculate how much you will need to save.
How should you decide this?
First, take a look at your Social Security benefits.
Plan to retire when you can maximize these payments as part of your retirement income.
Know what lifestyle you want to support.
Different lifestyles have different costs.
Consider your likely housing, insurance, food and medical costs.
You should also include a Medigap policy.
Be as detailed as you can, but I would recommend adding in a little fudge factor to give you some wiggle room.
With an accurate estimate and that fudge factor, you will have a better feel for much you should save.
Save for retirement.
On average, how much should you save?
A good number is 15 percent of your yearly income.
For specific numbers, use a retirement calculator.
Seek out professional help.
Chances are you do not understand the nuances of retirement planning.
After all, this your first time at this rodeo.
Consequently, find a cowboy or cowgirl (or two) who have helped others with this rodeo and know all of the ropes.
Working with an experienced financial planner and estate planning attorney will provide a plan specific to your unique circumstances and establish the requisite accountability to help you stay on track.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Forbes (February 13, 2017) “How Much Do You Need To Retire: 4 Things For Your Checklist”