How much do I need to retire?
That is one of the most searched questions about retirement on Google just about every year!
Some of the other popular retirement question searches are:
- How to retire early
- When can I retire?
- What is the retirement age?
- How much to save for retirement?
But how much do people in Rockford actually need to retire?
I will show you how I answer that question every day in my office but first:
If you are getting near to retirement then you may want to watch my FREE retirement Video called, How To Avoid Going Broke In Retirement While Securing Your Nest Egg! CLICK HERE NOW
The question of how much you will need to retire sounds simple on the surface but in actuality, the answer to that question is very different for different people.
Many times, it depends a lot upon varying factors such as:
- How much money are you living on each year now?
- Are you willing to reduce your lifestyle to live on less?
- Are you planning to work part-time in retirement?
- Do you have a monthly defined benefit pension check to look forward to?
- What age are you planning on taking Social Security?
- Do you plan to downsize your home in Retirement?
- Is your home paid off?
- Are you planning to do a lot of traveling in Retirement?
- Are you planning on making any major purchases like an RV or Home Remodel?
How much time have YOU spent considering all of the above factors?
Even if you have taken into account all of what I mentioned above how do you turn all of the answers to those questions into the answer you are looking for?
That is exactly what I do for my clients, but it is not easy.
For years I relied on very complicated software programs that would take all of the variables and put them into a program that would spit out pages and pages of complicated charts and graphs.
Did it produce answers?
Yes, but frankly they were difficult to interpret even for the Advisor running the software.
Then a few years ago I stumbled onto software that boiled this complicated question down to just ONE EASY TO READ graph.
The answer became as simple as the old Visine commercial.
Maybe you remember it?
Visine, We Get The RED out!
Just like Visine promised to get the red out of your eyes, our software program can help you get the red bar graph lines out of your plan.
The red lines represent an income shortage and when it will occur.
Our goal is to get rid of as much red as possible so you don’t run out of money or have a gap in income.
That is how I answer this important question for my clients.
It really can be that SIMPLE.
I plug all of their information into this simple program and we find out answers to questions like:
- How long is my savings likely to last before I run out?
- What can I do differently to make my money last longer?
- What happens if I wait to take Social Security?
- Will getting a better rate of return on my savings impact when I run out of Money?
- If I trim my expenses down by $5,000 per year what kind of an effect does that have?
- How will paying off my mortgage early affect how long my money lasts?
- If I take an Alaskan Cruise oncer per year for $5,000 will I go broke in retirement?
For every situation I plug into the software it shows us the long-term potential effects on our savings and investments.
The uncertainty of not knowing how long your money is going to last in retirement can be majorly stressful. It does not have to be that way.
Here is a quick video I made so you can see just how easy it can be to get to the bottom of this question.
If you liked that video please also check out my FREE retirement Video called, How To Avoid Going Broke In Retirement, While Securing Your Nest Egg! As it uncovers one of the BIGGEST MISTAKES most retirees make. CLICK HERE NOW
Many Financial Advisors also use software tools to try and help answer the big question of how much money you will need to retire.
And you can also go online and find countless paid for and even FREE tools to help you answer this question on your own.
You do not have to use my services to get to this answer.
But there are two reasons why you might consider having me do it for you.
- A software program is only as good as its input and after almost 30 years of walking people through this process, I might think to ask things you will not.
- My process does not tend to complicate things, in fact, it simplifies it and makes it EASY!
If running a Retirement Blueprint analysis seems like it could be helpful for you, please contact us right away as there is no charge for this service and nothing to buy at this point.
Hope we can chat soon!
Disclosure: Investment Advisory Services offered through Retirement Wealth Advisors, LLC. (RWA) a Registered Investment Advisor. Rockford Retirement Planning, Inc. (RRP,Inc.) and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.
This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that RRP,Inc. and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.
Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any references to protection benefits or lifetime income generally refer to fixed insurance products. They do not refer, in any way to securities or investment advisory products or services. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors, LLC.
Social Security/Government Program Disclosure: Antonio Filippone of Rockford Retirement Planning, Inc and Retirement Wealth Advisors, LLC are not affiliated with or endorsed by the Social Security Administration or any other government agency
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