Personal Financial Coaching

This is important!

So you’re thinking of retirement. How much does it take to live in retirement?

Some considerations from one who is there and studies this area!
1. A typical plan will have a retirement nest egg, that is designed to supplement social security and any corporate retirement.
2. Historical recommendations from retirement planners are to take 4 percent only, per year from ur nest egg. This is to conserve your capital, hopefully not to live longer than your money.
3. So for $100,000, one would take only $4,000 at 4%. You would need $500,000 to take $20,000
4. Social Security, from calculations within the Government, will not be able to continue meeting current obligations within 10 years, absent changes in current contributions and benefits. Plan accordingly.
5. I would hope to see you enter retirement with your home paid off. This can free up lots of cash, homeowners and real estate taxes continue and continue rising. Our assessment went up 17%, but I’ve been assured that will not all fall to the taxable line. Talk to your local leaders about your concerns.
6. Health insurance is a biggie, and constantly rising. Medicare part B went up 15% in 2022. And you will want a supplement!
7. If you have time on your side before your retirement, you’re in luck. Invest aggressively and slowly ratchet back to about 60/40 bonds so stock. But every case is different. Seek out a financial advisor you can trust. (And that’s not me, I’m a coach)

So how does one get there…and have security?
—live modestly
—live on a budget
—Develop cash reserves for the unexpected
—Get all family members on the same page
—Study investments and investing, seek to be knowledgeable
—At least annually, take an assessment of your progress
—Make course corrections as necessary
—Act…intentions gets you no where!