Securing Your Future in A Better Way

Retirement Strategies

How Much Do You Need to Retire?

How much money do you need to retire comfortably? 

Typically, a person will need approximately 80% of the income they had before retiring. However, it depends on the individual. A number of factors must be considered. You should consider your current income, retirement age, and your lifestyle when planning for retirement. 

Additionally, rising health care costs and living expenses should be considered. People are also living longer because of medical advances. Therefore, more people are planning for a longer retirement. Different professionals recommend different amounts to save for retirement. The retirement strategy you choose should be suited to your individual needs. 

senior couple with arms around each other sitting at the end of a dock looking at the water how much money do you need to retire houston tx

Inflation's Impact On Retirement

To plan for retirement, you should also take into account future inflation and how long you’ll be retired. 

The U.S. economy typically experiences inflation of around 3% per year. Though modest, that number shouldn’t be ignored. An annual 3% increase, for example, would double the prices for goods over 25 years. A retiree on a fixed income at age 90 would have 50% less purchasing power than at age 65. According to the purchasing power of the dollar, $100 today will be worth only $55.37 in 20 years.  We can help with this process based on your needs.

Budgeting For Retirement

To answer the question, “How much do you need to retire?”,  your expenses must be taken into account. 

You can estimate your retirement income and expenses using online retirement income calculators. Add your daily expenses for your day-to-day life, such as food, clothing, and medical care. Also, include any extra expenses you may incur. For instance, you might like to increase travel or pay off your mortgage. In addition, an emergency fund is necessary in case of unforeseen circumstances.  

To retire comfortably, you need a sufficient retirement income. You should know how much money you will need in retirement.  During the retirement strategy process, we discuss your expected expenses.  

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How To

Make Sure Your Retirement Income Is Protected

In light of the fastest price rises for decades, retirees or those who are approaching retirement should take extra precautions to protect their retirement income. Taking action now will help you plan ahead for retirement.

Currently, most companies do not offer pension plans. People often find out that their retirement payouts will be significantly lower after they retire. Additionally, markets and mutual funds are high-risk investments. Market crashes could also severely reduce your earnings.  However,  you can prevent losses and ensure a comfortable retirement by protecting your principal. To help you keep your money safe, we offer fixed index annuities. Our strategies help you earn reasonable returns* while protecting your assets from loss.

Our goal is to offer solutions to the question, “How much money do you need to retire?”. It’s essential to plan ahead. We show you “A Better Way” by helping you prepare for retirement with confidence. Schedule a no-obligation meeting with us today. 

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