TAKE CONTROL OF YOUR RETIREMENT

Achieving your retirement goals takes disciplined saving, spending and investing – all of which can feel overwhelming, especially as the retirement landscape continues to change.  We have created a seven-part blog series called Principles for A Successful Retirement to help you stay focused and reach your goals.

We plan to provide you with one part of the series each week for the next seven weeks. We hope you find the material interesting and useful and urge you to call us if you have questions or concerns.

Principle 1.

CREATE THE PLAN YOU NEED

FOR THE RETIREMENT YOU WANT 

 

Know Your Checkpoint  (click here) 

The attached chart shows you how much you should already have in savings in order to be on pace toward maintaining your current lifestyle through 30 years of retirement.

Simply find the box on the chart where your current age and annual household income intersect.  Then multiply your household income by the checkpoint factor shown in order to get the total amount your household should have om savings today.  Note these computations assume you will save 5% of your income each year from now until retirement. If you are below your checkpoint, we suggest you work with us or another financial advisor in order to develop a plan to get on track.

For example, A 40-year-old earing $100,000 should have $260,000 in retirement savings ($100,000 x 2.6%) today to be on track for retirement.  

 

Next week we will send Principle 2 – Plan for a Long Life

 

Comments for this post are closed.