How Much Money Do I Need When I Retire?

Written by Pembroke Insurance Advisors

As we approach the end of the year and the end of a decade, many people are taking stock of their goals and financial accomplishments.

Did they save as much as they wanted to? Are they where they said they would be a year ago? Are they farther ahead than they hoped to be ten years ago? Will they beca

Many of our clients are also looking AHEAD. What will the next decade look like for them? Will they be on a desired career path? Is retirement close? Will they be caring for children or aging parents?

The biggest question has been and seems to always be: “how much money do I need when I retire?”

We can throw percentages and dollar amounts at you. We could give you tools, surveys, and assessments to fill out and it can spit out numbers at you faster than you can blink.

We could give you all the information but first we want to ask you a few questions. Asking the right questions will get you closer to where you want to be in 10 years or at retirement, whichever comes first.

Here are a few questions to get you started thinking about how much money YOU will need when you retire:

  1. How old are you now?
  2. How old do you want to be when you retire?
  3. Do you currently contribute to a retirement account (at work or personally)
    How much, if any, are you saving towards retirement right now?
  4. What kind of lifestyle would you like to live when you retire? (travel the world monthly or tend to your small garden weekly?)
  5. Do you have a spouse or significant other that will be dependent on you in retirement? Will they retire before or after you?
  6. Do you have children that will still be dependent on you in retirement?
  7. Have you recently looked at your Social Security benefits? Do you know how much you will receive at what age?

These are just a few questions to start you off.

Retirement, like a career, doesn’t typically happen by accident. You have to plan for it or it will never happen. Having a “head buried in the sand” approach to your “golden years” isn’t the way to go.

Once you answer our questions you can start to plan.

Sit down with Michael and show him your answers. Once we see where you are and where you hope to be, we can start spitting out numbers and dollar signs. We can show you how much you need to save now, when you should start to increase or decrease and what is truly realistic for you. Just like a career, everyone’s path with look different and basing your retirement plans off of Mr. Jones next door or cousin Ed’s thanksgiving advice, isn’t your best plan.

So, this holiday and end of year season, give yourself the gift of peace of mind and clarity. Go into the season and the new decade prepared for what is coming. Decide that you do want to retire and you refuse to wait until “someday” happens. Give yourself the gift of a planned rest after all the hard work you’ve accomplished the last few decades.

We’re here to help you put your answers to work!

Answer your retirement prep questions here and we’ll set up a time to talk through the your answers! It’s THAT easy!

About Pembroke Insurance Advisors
About Pembroke Insurance Advisors

We work with individuals across the nation to secure the best life insurance rates.

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