Broker Check

Are You Saving Enough to Retire?

Client Centered

Investors planning for retirement often ask, “Will I have enough money to retire and live the lifestyle I’ve envisioned?” The following retirement planning facts address your common concerns and help you gain a better understanding of what retirement planning steps you may need to take.

ARE YOU HONEST ABOUT YOUR RETIREMENT SITUATION?

1 in 3 Americans report having

saved for retirement ~1 in 4 have < $10,000 saved

So it’s no surprise that:

Only 51% of Americans are confident they're saving enough

But: 

Women are 21% more likely than men to say they have only $0 to $10,000 in retirement savings

ARE YOU KEEPING UP WITH YOUR GENERATION?

See how you compare to others your age. Are you saving more or less than your peers?

DO YOU KNOW WHEN YOU’LL RETIRE AND HOW LONG IT’LL LAST?

The ways in which we define “retirement” have started changing.


60% of Americans’ biggest fear is outliving their retirement savings

HEALTH AND HEALTHCARE ARE KEY FACTORS.
Of Americans age 65 today:

1 in 4 will live past age 90

1 in 10 will live past age 95

AND HEALTHCARE COSTS FOR AMERICANS…

$275,000


A 65 year old couple will need an average of $275,000 to cover medical expenses throughout retirement

THESE ARE BIG REASONS WHY:


Over ⅓ of Americans expect to work in retirement (past 65)


WILL YOU HAVE ENOUGH SAVINGS TO RETIRE COMFORTABLY? SO, HOW MUCH MONEY WILL YOU NEED?

Many sources say your retirement savings should total 10-20x your current income. You'll need 70-80% of your pre-retirement income in retirement. Real life has shown us that very few people actually WANT ro reduce their lifestyle after retirement. So you may need 100% of your income.

HERE’S AN EXAMPLE:

If you need $40,000 a year after retiring your retirement will last 30 years you average returns are 6% inflation rises an average 2.5% you need to save ~$1.18 million

However, your retirement account may not be your only source of income:

40%+ of single seniors (age 65+) get at least 90% of their income from Social Security

To maintain a comfortable retirement, follow The 4% rule:

You can safely withdraw 4% of your retirement savings each year without running out of money.

LOOKING TOWARD YOUR FUTURE

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