Planning for your retirement can be challenging. It can be scary and frustrating. I have seen many clients who felt their plan was a disaster waiting to happen. As an advisor, I am here to say that you can handle it. Planning for retirement does not have to be difficult. In fact, it can be fun! But in order to achieve the retirement of your dreams, you must prepare for three major challenges that every retiree is likely to face.
Challenge #1: Ensuring a long retirement savings lifespan
One of the greatest fears that people have is that they will outlive their savings.
Fortunately, by taking the steps now, you can ensure that this doesn’t happen to you.
The first step is to budget your expected expenses based on your normal day-to-day costs and any activities you want to pursue during retirement. Things like travel, hobbies, remodeling your home, etc.
Next, take a hard look at your current savings and level of income. How much are you setting aside for retirement? How much more do you need to be saving or investing in order to meet your expected budget? This is where working with a financial advisor can come in handy, because an advisor can help you determine: Read more