Retirement Income Strategies
Are You Ready For Retirement?
Did you know that there are about 76 million people in the United States who are part of the Baby Boom Generation? According to Investopedia.com, about 10,000 members of the Baby Boomer generation are retiring everyday? If you're one of them, are you ready to retire? Without retirement planning, you might not have the lifestyle you've always imagined.
In thinking about your retirement, there are five things to consider.
- Income – One formula used to determine retirement income involves a multiple of your annual income in relation to your current age.
Do you know how much money you will need?
- Assets – Here is a troubling fact: According to Forbes.com, 42% of all workers say they and their spouses have less than $10,000 in shared savings for retirement.
That brings up this question: Do you know how your current approach is working?
- Housing – Here is another disturbing fact: Nearly one-third of adults over the age of 50 have seen their homes decline in value since 2007.
Will you want to make a change in your housing situation?
- Lifestyle – Seventy percent of workers intend to work during retirement. Yet, in reality, only 27% end up doing so.
Do you know, realistically, how long you will continue working?
- Health – AARP.com reports that only 40% of all Americans have set up a will, a trust or a power of attorney. On top of that, less than 10% of Baby Boomers have made provisions for extended medical care.
Have you taken the necessary steps to be prepared if you are medically disabled?
The Two Periods of Your Life
You can think about your life as having two distinct periods:
- This first period of time is when you start your career and go to work. This is the time to engage in retirement planning. We will design a plan to take a slice of your savings each an every month and invest it for your future. You are saving money today to have it for tomorrow.
- Tomorrow is here. This second period of your life is your retirement. If you’ve invested wisely and saved enough, you can have the retirement of your dreams.
Challenges That Could Impact Your Retirement Planning
- Market loss
- Pension Payment decrease
- Government Social Security didn't take care of you
- Life Challenge (Medical bills)
Retirement planning is all about asking the right questions, getting the answers you need and getting the right plan in place to get you to your goals. The Center for Wealth Management is here to help. Call us today at (513) 407-5430 to learn more about our retirement planning service.