• Home
  • E-Booklets
  • Pay Less Tax
  • Privacy Policy
  • Cheatsheets
  • Contact Us
  • About us

Retirement Income

New Ways to Get More Retirement Income

  • Retirement Advisors
  • Retirement Insurance
  • Retirement Investing
  • Retirement Living
  • Retirement Planning

Retirement Savings: Just How Much to Retire?

Posted on November 3, 2009 by bobrichards

Most people realize that they should save money for retirement. However, the question is 'How much to retire'. When it comes to retirement savings, how much to retire depends on your projected costs, projected guaranteed income, projected inflation, and numerous other elements. So, if you are considering your upcoming retirement needs, let's attempt to response the query of 'How much to retire.'

As mentioned, when attempting to reply the question of 'How much to retire', you need to think about your forecasted expenses. Consider what you would like to do during retirement. If you have plans to travel, buy deluxe goods, or prepare for any other non-necessities, take these into consideration. Also, be aware of estimated healthcare expenses (a rule of thumb is $250,000 in out-of-pocket expenses). If you have any severe health conditions or foresee developing them later in life (for example, if you've had a number of family members who've developed heart disease during retirement, it's really worth thinking about this as a potential expenditure), this may make that number higher. On the other hand, in case your family has a history of outstanding health and also you are in excellent health today, your expenses might be reduced than that. Keep in mind that you'll most likely need to spend for medical health insurance premiums by yourself when you retire in the event you want to have private medical insurance. Also, take your potential tax situation into account when responding to the question of 'How much to retire.'

Next, think about your possible supplies of guaranteed income when questioning 'How much to retire.' Take your estimated Social Security revenue (this is assured - for the time being) by using your annual Social Security statements and/or a calculator. Additionally, consider any pension plans and/or other supplies of secured income that you plan to have during your retirement years. Factoring in these supplies of revenue should help you answer the question of 'How much to retire.'

Additionally, when deciding 'How much to retire', consider the projected rate of inflation. Inflation may cause significant deterioration in your retirement savings so it is important to factor this in when determining 'How much to retire.' A simple 1 % increase in the inflation rate can take years off of your retirement revenue. To discover for yourself, make use of a retirement calculator and punch in your numbers.

Eventually, one article cannot provide you with a total answer on the question of 'How much to retire.' It can only help to point you in the correct path. Try utilizing a number of on-line calculators and plug in a variety of numbers to answer the query of 'How much to retire.' Then, when you are able to hammer out the details, consult a financial expert to outline your retirement strategy. Doing this will provide you with a more correct result than every other write-up can probably give you!

How to Prosper and Thrive In Retirement

For those already retired seeking to improve their finances
  • The 4 most important issues for any retiree and a quick plan to address each
  • The overlooked annuitization of assets to make your money go farther and reduce risk
  • An easy way to save money on health coverage
  • You don’t need to be rich to plan your estate like this
  • A few simple lessons can reduce stress and bring more joy in your retirement year. Stop worrying and learn the simple
  • actions to take.

    You might also like:

    • Average Retirement Savings by Age – How Do You Compare?Average Retirement Savings by Age – How Do You Compare?
    • Retirement Solutions— Difficult Trends and What You Can DoRetirement Solutions— Difficult Trends and What You Can Do
    • Transition to Retirement - Six Aspects that HelpTransition to Retirement - Six Aspects that Help
    • What's the True Cost of Senior HealthcareWhat's the True Cost of Senior Healthcare
    • Use Life Insurance in Estate Planning to Treat Beneficiaries EquallyUse Life Insurance in Estate Planning to Treat…
    • Estate Financial Planning Has Nothing to Do With Your WealthEstate Financial Planning Has Nothing to Do With Your Wealth

    Filed Under: Retirement Advisors

    About bobrichards

    Bob Richards
    Editor | Involved in Various Marketing Positions within the Financial Services Industry

    Leave a Reply Cancel reply

    Your email address will not be published. Required fields are marked *

    Second place winner best retirement blog

    SH award winner SMALL (1)

    Not Enough Savings to Retire?
    Learn Six Ways to Earn Retirement Income (from home)

    You do not need special talents, skills, computer knowledge, etc. We show you multiple ways others are working a few hours a week to generate a comfortable retirement income.

    Download Free Copy

    Latest Posts

    Update on Social Security Cash Flow

    Update on Social Security Cash Flow

    What's the True Cost of Senior Healthcare

    What's the True Cost of Senior Healthcare

    Social Security Office Cheating Retirees

    Social Security Office Cheating Retirees

    Use Life Insurance in Estate Planning to Treat Beneficiaries Equally

    Use Life Insurance in Estate Planning to Treat Beneficiaries Equally

    Estate Financial Planning Has Nothing to Do With Your Wealth

    Estate Financial Planning Has Nothing to Do With Your Wealth

    Categories

    • 401K IRA Roth Withdrawals, Distributions, and Rollovers
    • Annuities for Income
    • Estate Planning
    • Retirement Advisors
    • Retirement Insurance
    • Retirement Investing
    • Retirement Living
    • Retirement Planning
    • Social Security
    • Supplemental Retirement Income
    • Tax Savings
    • Alternative Investments
    • E-Booklets
    • Pay Less Tax
    • Privacy Policy
    • Cheatsheets
    • Contact Us
    • Subscribe
    • Sitemap

    Recent Posts

    • Update on Social Security Cash Flow
    • What's the True Cost of Senior Healthcare
    • Social Security Office Cheating Retirees
    • Use Life Insurance in Estate Planning to Treat Beneficiaries Equally
    • Estate Financial Planning Has Nothing to Do With Your Wealth

    The Retirement Income Blog

    25A Crescent Drive #1508
    Pleasant Hill CA 94523
    T: 844-887-4131
    E: [email protected]

    © 2018 Retirement Income