Do you know how much income you’ll need in retirement? You need enough to last throughout retirement and reach your goals, but you probably don’t want to work longer than necessary.
How much do you need to save for those major purchases and how is that different than emergency funds? If you know you’ll be paying for a child’s wedding or your house needs some new appliances, it’s always a good idea to budget those things into your overall retirement plan. Join us today as we explore these questions and why planning is almost always better than guessing.
What We Discuss Today:
0:39 – Do a lot of people guess?
1:23 – How much income do you need?
4:36 – How much do you need for major purchases?
6:59 – Do you go over these things with pre-retirees?
8:01 – How much is inflation impacting you over time?
10:00 – What typical percentage of inflation do we plan for?
11:09 – How much will healthcare be in the future?
14:15 – Covering healthcare in retirement
15:26 – Working with an advisor instead of guessing
“If you have an extravagant lifestyle that means you’re going to need a lot more income…” – Spiros Vassilakos