Do NOT Wing It When it Comes to Your Retirement Income Needs!

Are you winging it when it comes to planning for retirement? Are you contributing “a little” to your workplace 401(k) or maybe putting “a few dollars” into a traditional or Roth IRA? If so, good for you for being aware that you are going to need money in retirement. But, how much will you really need? Do you have any idea what you want to do with your time when you retire?  Should you pay off the mortgage before retirement, or have a mortgage to generate some tax deduction to offset the taxation of your Social Security? Have you actually sat down with a financial planner and run projections for replacing income considering inflation, acknowledging the roll Social Security will play and estimating healthcare needs? If you have not, you are winging it and will likely be in for a rude shock at retirement. Determining retirement income is both a science and an art and good financial planners address both.

The Internet is full of self-help and general information on planning for retirement. That information is no replacement for looking at your personal situation and actually running the numbers with a financial planner who knows how to do so and who can look beyond numbers to offer you personalized planning advice. The old rules of retirement are seismically shifting and stale advice could do you a great disservice, or worse, cost you potential future income. You do not want to get to your preferred retirement age and find out you’ll need to work longer! You also do not want to find out that you didn’t save enough and won’t have the funds you thought you would have to cover life’s expenses. Maybe it’s the opposite and you do want to work longer because you love what you do and are passionate about remaining socially engaged through your work. Will this affect your Social Security income? What about those pesky RMDs on your IRAs?

Knowing answers to these and other questions can help you chart a course and have a more realistic idea of how you can create a successful retirement. If you are still working, you have time to turn the ship in the direction you want to go and avoid running aground! Are you part of a couple? Consider yourselves an economic unit and start working together to reach your goals. If you have doubts about any of these areas stop winging it and contact me.

As an independent Certified Financial Planner™, I can help you decide how much to set aside for retirement.  In addition, I can help you make investment decisions and help you layout a plan for what to do in retirement. The science and the art are both very important. Contact me and let’s get started! #talktometuesday  #education #Hireaplanner #retirement #income