We can expect to live longer, but our money must last longer, too!
So we can expect to be around much longer, enjoying our golden
years and spending time with our loved ones. On the other hand, that also means
that now, more than ever, the need to make sure you have enough savings to last
through your lifetime is crucial. How fun will it be when you have to face the
ordeal of outliving your savings?
Just how much will you potentially need throughout your
retirement years? Well, the answer to this question depends on each individual’s
particular set of circumstances and could be best answered by a competent
retirement adviser. But let me give you some generic insight.
Let's say you are the typical 65-year-old male and you live
through age 86.6, as suggested by the latest mortality tables, and you require
just $2,000 a month ($24,000 a year) to supplement your retirement income.
Without accounting for any adjustment for cost of living increases, that comes to approximately
$528,000. For the typical female spending 24 years in retirement, that amount will
be $576,000. What if you needed $2,500 a month instead? You’d
be looking at approximately $660,000 and $720,000 for the typical male and
female respectively.
It is important to point out that these numbers are just averages.
So in all likelihood, some folks will fall below them, but others will exceed
them. My wish and prayer is for you to exceed them and live a long, healthy
life. But keep in mind that it is up to you to make sure that you take the
necessary steps to be ready financially. Hopefully I have given you the
motivation to act and make sure that you are headed in the right direction.
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Want an independent assessment to confirm that you are on the right track when it comes to saving for your retirement, including the money you will leave to your heirs? Come in so we can help you to objectively evaluate your current approach. Visit LaserFG.com or call 877.656.9111 right now to book your complimentary session.