What is the lucky retirement number? We get asked all the time about the “magic number”. The amount of money required to live well in retirement. Sorry to let you down but there is no lucky retirement number. The amount of money you need to save for your retirement will be different than anyone else’s. To determine how much money you’ll need to maintain your current lifestyle when you aren’t working, you need a financial plan.
We encourage you to contact us for a customized financial plan. The best way to ensure your money lasts throughout your lifetime is to work with a professional. When creating your plan, we’ll consider your current health, income, debts, savings, investments, and lifestyle. Then incorporate tax planning and plan for inflation. If you think prices are high now, just imagine what things will cost 20 or 30 years from now.
Your financial plan will adjust for future prices and rising taxes. Keep in mind, there are people who have retired on less than $1 million and enjoyed a comfortable lifestyle. While others who amassed a small fortune were forced to return to the workplace after running out of money. Successful retirees planned for the expected and unexpected expenses that occur as we age.
Whether you are a pre-retiree or currently retired, working with a fiduciary financial planner can be a game changer. Fiduciaries have a legal and ethical obligation to act in the best interests of their client, and our fiduciaries have a passion for helping clients realize their retirement dreams. Call Alloy Wealth at 800-689-3935 to speak with one of our retirement planning experts.