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How Much of Your Pre-Retirement Income Do You Need?

When it comes to budgeting what you think you may need to spend in your post-retirement life, some simple online searches suggest a simple figure that amounts to 85 percent of your income when you retire.

This 85 percent figure may be a good jumping off point, but it will help a lot more in the long run to take a deeper look at your own personal spending habits when it comes to what you will need post retirement.

In our opinion, in order to adequately prepare for post retirement life, you’ll need to sit down and plan, preferably with your financial planner, to get to the nuts and bolts of what you’re going to need, no matter what the internet searches may say.

You may read articles online that state figures such as $1 million here or $2 million there. But, without that proper planning, there may be no way to know if those figures are too much or too little for you.

Instead of looking at retirement as some sort of abstract idea, start to think of what activities you’ll actually be partaking in. What are some of the expenses that you know you will have? Are there some things that you would like to spend money on in retirement that are within reachable financial goals? Begin to make a solid budget based on these ideas and then you can start to come up with some numbers that make more sense and aren’t just plucked out of the internet air.

Of course, we believe the best way to wade through some of these ideas is to speak with a financial advisor. We are more than happy to not only help you with planning your financial goals, but to learn more about them! Reach out to us today.

 


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