People work so hard throughout their life with retirement as
their end goal. All age ranges often ask this important question, “How much do
I need to retire?” There is no clear,
easy answer to this commonly asked question. Retirement savings is not a
one-size-fits-all situation. Many variables effect how much you should invest
and save. Your trusted financial advisor team in St. Louis is here to help you
identify these variables to help better plan for your retirement down the road.
The amount you work toward setting aside for retirement
should be based on your unique financial situation. When it comes down to it, the
calculation is comprised of your age, spending habits, debts, and any potential
income during retirement.
Age
Age is a major factor in the retirement planning process.
Your current age and the age at which you plan to retire effects how you should
start saving or investing. As a younger individual planning for retirement, you
may not need to approach the situation quite as aggressively as others. You can
spread out the amount you invest and save for retirement over several years
leading up to retirement. A person who is closer to retirement age may want to
buckle down and invest and save in methods to help build up their nest egg
quickly.
Spending
Your spending habits are a significant factor in planning
for retirement. If you plan to cut back on spending as you retire, not as much
will be needed to set aside. Many retirees end up spending more in their
retirement due to having more free time in which to spend money. Grandchildren
are another big expense for retirement aged individuals. Take into account
these extra expenses as you create a plan.
Debts
The amount of money you will need to live when you retire
should have debts calculated into it. Many people work to pay off their major
expense, their mortgage, before retirement. This can help reduce the amount you
will need to set aside drastically. Other debt, like vehicle loans or credit
cards should be factored in when planning for retirement.
Income
Additional income, whether it be 401K through your employer
or rental properties you may own, should be determined to help calculate an
accurate goal in which you wish to save. Many retirees work part time to bring
in additional income as well.
The future is uncertain which can make planning for
retirement difficult. Let the expert financial advisors help make the planning
process easier. Bogetto & Associates can help create a custom retirement
savings and investing plan to meet your individual wants and needs. For help
calculating how much you should save for your retirement fund, contact Bogetto
& Associates. We want you to be prepared and be able to enjoy your
retirement in which you have worked so hard.
Sources:
Financial Health...For Now & Tomorrow
Contact us Today
Website - www.bogettoandassociates.com
Telephone - 314-858-1602
Email - peter@bogettoandassociates.com
10805 Sunset Office Drive, Ste. 202
St Louis, MO 63127
Website - www.bogettoandassociates.com
Telephone - 314-858-1602
Email - peter@bogettoandassociates.com
10805 Sunset Office Drive, Ste. 202
St Louis, MO 63127
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Bogetto & Associates does not provide legal or tax advice. These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.
Bogetto & Associates does not provide legal or tax advice. These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.
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