A person retiring today, at a normal retirement age, will likely spend three to four decades in this phase of life. Three to four decades is a long time no matter how you cut it especially when you’re no longer working full-time.
We’ve found the three most underestimated retirement variables to be: how expensive it is, how much the cost of living will increase and how long you will live. These variables are usually more than you think and having a plan to outpace all three is of utmost importance.
Depending on your desired lifestyle, one source of retirement income may not be enough. However, when you add up income from different sources, you can usually get to what you need or close to it. Sometimes, a part-time job after retirement may be required to make up for any shortfalls. Keep all options on the table.
For many Americans, the largest source of income a retiree will enjoy comes from Social Security. It is important to understand or have guidance on how the program works and how to maximize your benefit. The choices you make with Social Security will impact your income benefit for the rest of your life.
For those that have retirement and investment accounts, have a plan to take reasonable distributions, as a percentage, from your overall account balances. This percentage will vary depending upon your account holdings, taxes and whether you have a desire to try to grow your assets over time or spend them down wisely.
Do you have a plan to retire comfortably and stay comfortably retired? We specialize in retirement income planning to help you pursue an extraordinary life on your own terms with freedom, independence and peace of mind.
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Financial planning services offered through LPL Financial, a registered investment advisor