Smart Money Strategies
(c) Jennifer Lang Financial Services, LLC.
Smart Money Strategies
Nearly every working adult dreams of a comfortable retirement, to finally be free to enjoy life. If you’re approaching retirement age, it’s important to check on your numbers to be sure you’ve considered all the factors. If you’re younger, it might be difficult to know exactly how much to save. Think of it this way: strive to put away as much as you can.
What age do you want to retire?
Social Security can play a big role in retirement income, and the difference on a monthly basis between taking a benefit at age 62, 65, or waiting until age 70 to begin drawing benefits can be substantial.[i] If you choose to wait until 70 to take benefits, the total amount paid is comparable for all three options. However, from a cash-flow perspective, the bump in pay could be valuable when the monthly bills arrive in the mail.
How long will your money will last?
One rule of thumb for knowing how much to take out of your retirement account each year is the “4% rule”.[ii] As its name suggests, you would withdraw 4% of your retirement savings each year. If you have a larger amount saved, your “income” from your retirement savings will be higher. The 4% rule is designed to prepare for 30 years of income after retirement. Of course, if your expenses are higher than your income, the money has to come from somewhere, potentially drawing your savings down faster – and that’s where many people get into trouble. Save as much as you can now.
Are you prepared for your health care needs?
The cost of health care for a couple retiring at age 65 varies, with estimates ranging between $197,000 and $265,000.[iii] This is the expense that often catches retirees by surprise. It’s relatively easy to budget for housing, food, utilities, and other essentials but medical care costs can vary widely and your actual expenses can be much higher or lower than average estimates.
$10,000 and Up
*Referring SafeMoney.com Advisor: Jennifer Lang
If I could show you a way to stay in control of your money until you take your last breath, but instead of giving that money to the government, nursing home or hospital, you could keep that
money in the family for generations to come, at the very least wouldn’t you want to know how to do that?
Learn how to protect your money from unnecessary risks.
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