Page 5 - AreaNewsletters "Oct'18" issue

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F E A T U R E A R T I C L E O F T H E MO N T H
Convential wisdom suggests we should save about
10 to 12 times our current income; however, many people approach retirement having saved much less.
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Article provided by Nadine Kirk. Contact The Kirk Team, Re/Max Alliance for referrals or to answer any questions you may have about this article.
How to
Retire Well
RV re lls available!
Fast service!!! Get in and out.
Get 1.3 gallons MORE than on
an “exchange” tank ~ which you actually OWN, so bring it to us and get a bigger ll for less $$!
Farmers Insurance Michael O’Neill Agency
So, how much is enough? The amount of money you should have saved before you retire depends on many personal factors and considerations, including:
Your lifestyle: If you live well within your means and have prudently saved for retirement, you may not need to adjust your lifestyle much. It is better to have the choice to downsize your lifestyle and spending habits than it is to be forced to due to lack of adequate planning.
Your retirement plans: Although it’s wise for both you and your spouse/parner to save for retirement, there are other considerations that may impact your total savings target:
__ At what age do you plan to retire?
__ If you have a spouse/partner, will you retire at the same time?
__ Will you receive a pension from your employer?
__ Do you plan to continue working part time?
Your health: If you are healthy, and have longevity on your side (e.g., your parents lived past the average life expectancy of 81 years for women and 76 years for men), consider saving more money.
other income sources: AlthIf you will receive a pension from your employer, Social Security Insurance or dividents from investments,include them in your overall retirement plan.
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Castle Rock “AreaNewsletters • October 2018