Investment Updates
Figuring Out How Much You Need In Retirement
Published Thursday, June 5, 2014 at: 7:00 AM EDT
At some point, almost everyone asks this question: How much do I have to save for retirement? Of course, there's no easy answer, but what may be even more disconcerting is the possibility that this may be the wrong question. It might be more beneficial to figure out how much income you will need annually in retirement than it is to pinpoint the amount you should try to set aside.
Start by Changing Your Mindset
You are who you are and that isn't likely to shift 180 degrees in retirement. Sure, you'll have more time to travel or pursue other activities, but you'll still be the same person with the same basic values, interests, and inclinations. Armed with this knowledge, you may want to shift from the notion of accumulating a specific amount for your retirement to figuring out what your expenses will be on a year-to-year basis.
© 2024 Advisor Products Inc. All Rights Reserved.
More articles
- Slice Through 7 Layers Of Taxes For Investors
- Stay Focused On The Need For Tax-Aware Investing
- Don't Outlive Your Money: 7 Tips
- Beware The NII Surtax On Trusts
- Identifying Investment Risk And Coping With It
- You Have Entered The Twilight Zone Of Taxation
- 5 Withdrawal Strategies For Retirement Savings
- 4 Tips For Assembling A College Savings Plan
- 5 Steps To Protect The Digital Assets You Own
- Spelling Out Rules For DINGs, WINGs, And NINGs
- Seven Steps To Digging Your Way Out Of Deep Debt
- Do You Know The Basics Of 401(k) Retirement Plans?
- Five Ways To Plan Smarter And For The Long Haul
- Build On The Four Key Tax Pillars Of Real Estate
- Reminders On Your Beneficiary Choices