Retirement can raise many questions
- What is the ideal age to retire?
- How much should you save for retirement each year?
- What amount should your nest egg be when you finally leave the work world?
Common recommendations include:
- Save 15% of your gross income (or perhaps more).
- Accumulate eight times your annual salary (or likely more).
- Work until age 65 (or older).
There's lots of advice, many opinions, but no single, one-size-fits-all solution.
With average life expectancy now at 76 for men and 81 for women, it's important to begin saving early and increase your saving rate over time.
Run the numbers
A successful retirement plan includes your best estimate of how much you will need to spend and for how many years.
Use a comprehensive financial plan to consider anticipated expenses and income.
- Company retirement plans or pensions
- 401(k)s, IRAs or other retirement and investment accounts
- Cash reserves and possible inheritances
- Food and clothing
- Travel and entertainment
The plan then projects whether your nest egg—based on your projected income, expenses and life expectancy—is likely to last.
If you're approaching retirement, you may have considered postponing or working part-time to make savings last longer. But there are other steps you can take to make your savings last.
We can help you get there
Retirement & Financial Planning
As you get closer to retirement, we can provide you with a comprehensive proposal that evaluates your current financial plan in relation to your retirement goals. We will also provide a clear explanation of the various retirement plan options available so that your election will be appropriate based on your goals.Learn More about Retirement and Financial Planning
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Determine what story you want your wealth to tell about you and your family. If your financial plan indicates that you have more than necessary for a lifetime of financial independence, your wealth can be used now to create your legacy.LEARN MORE about family wealth planning.
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This website may contain concepts that have legal, accounting, tax, and investment implications. It is not intended to provide legal, accounting, or tax advice and is not a recommendation to buy or sell any investment.