Here’s to Saving Enough for a Successful Retirement

How much do you need to meet your “retire-style” goals? That depends, because everyone’s idea of retirement is different. For some it’s golf, travel and visits to see family on a whim. To meet your desired goals, you’ll need to start with a budget and a risk-tolerance test to figure out where you’re most comfortable. Watch the interview about saving enough money for retirement with investment adviser representative adviser Eric Judy. 

http://rightonthemoneyshow.com/heres-to-saving-enough-for-a-successful-retirement-eric-judy/

Building a basic retirement strategy includes knowing the sources of your retirement income and organizing them into buckets of spending, such as:

• IRAs
• 401(k)s.
• HSAs
• Social Security.
• Pensions
• Real estate (home equity).

Most retirees appreciate predictable monthly income like monthly Social Security benefits. Some seniors use guaranteed lifetime income annuities as well. It brings a degree of solace and confidence for the future and helps removes some of the angst and stress over finances. It may even be an issue of product suitability based on the retiree’s financial profile and risk tolerance. You might have to consider working longer or working part-time while “retired” to earn what you need to match your desired “retire-style.”

https://www.youtube.com/watch?v=TmTGSrLV3t4&feature=youtu.be

For most people, gone are the days where a million dollars saved for retirement is enough anymore—currently, some advisers are putting it closer to $1.8 million. Be sure to seek guidance from a financial adviser and insurance professional when it comes to preparing for retirement, so you can ensure you’re on the right track. Together, you may be able forecast realistic expectations and figure out the numbers you need—key components of planning.