One of the toughest questions to answer when beginning planning for retirement is How long will my retirement last? Most retirees make the mistake of underestimating the length of their retirement which causes them to struggle to make ends meet as they grow older. The first step in determining how long your retirement will last is calculating your retirement date. To do that, it helps to have an idea of how long you may live.
Family history, health, lifestyle, and access to healthcare are some of the factors that determine life expectancy. If your parents lived to be in their early 70’s but you have a healthy lifestyle and believe in preventative care, you could live well into your 80’s. Your dream may be to retire early but if your debt-to-income ratio isn’t less than 36% it’s likely you won’t be able to afford to retire early.
The best way to plan for a successful retirement is to seek professional help. Alloy Wealth Management offers complimentary master classes on retirement planning for members of our community. We offer complimentary written financial plans to anyone wanting to improve their finances and plan for the future. Our fiduciary financial advisors are not only passionate about helping clients realize their retirement dreams but are also extremely skilled at customizing plans that reflect each client’s timeline and goals.
At Alloy Wealth, retirement planning is one of our areas of experience. We can help you determine your retirement age and ensure your money will last throughout your lifetime. We work with pre-retirees and retirees to help you create a lasting income plan as well as a tax-advantaged distribution plan for your assets during retirement. Call 800-689-3935 to speak with one of our advisors.