A question that is often asked by our potential clients is what is the amount of money I need in retirement?
Most professionals agree there are 3 different ways to calculate the amount needed at the time of retirement. There is the Income Method, Expense Method, and the Saving Method. All of these methods look at keeping up with inflation and growing your money (somewhat) in retirement.
One of my favorite ways to calculate the amount needed to save for retirement is a by looking at a Saving Method. (See Savings Factor Calculator).
For example if you are 50 years old you should have 6 times your current salary saved. If you are making $60,000 per year, you should have $300,000 saved. This formula works, because as you age your salary increases (hopefully) and you have a higher amount you are targeting to save.
A strong recommendation is not to panic if your amount of assets is not at the peak amount. We use a program called Retirement Analyzer® for all of our clients to calculate how much they need to save for retirement. It helps you determine the amount of risk you need to take on your monies in order to match your retirement goals.
If you would like me to review your current number, please call or email me at (561) 625-0900 x 4. Or info@Blattfg.com.
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