Retirement planning can be a daunting task, but it is possible to achieve a comfortable retirement income. When creating a retirement plan as a couple, financial experts recommend evaluating your financial situation and making appropriate adjustments. The National Retirement Risk Index (NRRI) from the Boston College Center for Retirement Research can help you determine when your retirement accounts and Social Security payments add up to cover your average monthly retirement income. Consulting with an experienced financial advisor is also a great way to tailor an individualized retirement income plan that fits your unique needs.
This retirement security is important because it can help maintain the cost of living and prevent the purchasing power of retirement savings from diminishing over time. Additionally, planning the legacy you want to leave is another consideration when thinking about your retirement income. The average monthly income for a retired couple may seem like a substantial sum, but it still falls short of the average expenses of an older couple. It doesn't necessarily cover all of the different variables that are included in your particular retirement income plan.
A report from the Transamerica Center for Retirement Studies study revealed that more than half of workers (57 percent) plan to work in retirement, either full time (20 percent) or part time (37 percent). My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. Even if you save more than the recommended amounts and plan to apply for Social Security benefits, you still may not have enough to live the life you want in retirement. Saving for retirement may seem like an overwhelming task, but it's possible to achieve a comfortable retirement income. The new retirement planner isn't a magic ball (although it sounds good), but it can provide you with very personalized and detailed answers and forecasts about your retirement income and expenses.
Working as a team with a qualified financial advisor can help you chart a clear path to chart your personal retirement goals. Retirement planning is essential for living longer and being more confident that your savings will meet your needs and wants in the years after work. With careful planning and guidance from an experienced financial advisor, you can create a retirement plan that will provide you with the comfortable retirement income you need.
