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A question that is often asked but asked too late.
Many people start putting money away for retirement and that is a good thing to do. However, most people just start putting money away with little concentrated planning of what they will really need. It is often too late when they discover they do not have enough money to retire they way they want to retire. What does that mean?
Stop and consider the difference in wages you have earned from the time you started working until now. In most cases, the wages you are earning now are significantly more than when you first started working. The other thing that is significantly more, for most people, is their cost of living. As a persons income increases, in most cases, so does their cost of living. When a person enters retirement, most plan for their income to stay the same as it is when they retire. This means that income is not planned to change but year after year inflation and cost of living will continue to increase. The same income equals less buying power.
Some people mistakenly think that when they retire they will spend less money- this is not true. Find someone you know that is retired and ask them if they spend more or less money now that they are retired. This is important information to consider in your retirement planning.
To most people, $200,000, $400,000, $1,000,000 is a lot of money and it is a lot of money. The hard but necessary question is, is it enough money to retire? Below are a couple of links to articles with retirement calculators. It is in your best interests to use a third party calculator to help you discover some important information regarding your retirement. Once you have a realistic idea of what is needed for you to retire, then you can begin to look for the best solutions to help you meet your retirement goal. Even if it may not look like you will be able to meet your goal, contact us for a free consultation and we can discuss how to make what you have saved for retirement work for you.
After you have considered what you may need to retire, r some FREE strategies to help you retire the way you want to retire.
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