You hear it all the time. On commercials. On billboards. On podcasts. Your family, friends, and financial experts are all asking the same question. Are you saving for retirement? Your answer is probably yes, but is what you’re putting away for the future going to be enough?
What About the Retirement Calculator?
There is no magical calculator that can tell us exactly what we will need when we enter that glorious phase in life known as retirement. Everyone will retire at different ages, with different basic and discretionary monthly expenses. Statistics tell us that even some of us will approach retirement with dependents in the form of aging parents and children that still need our financial support. There is no one size fits all when it comes planning for this huge life event.
How Will Your Spending Change After Retirement?
This could relate to housing costs or healthcare increases. You may not eat out as much or you may travel more. What will you do differently after retirement that you don’t do now? What expenses (clothes, transportation, entertainment) will increase and what will decrease? Figuring out where your dollars will go during retirement will help you decide what income you will need annually to satisfy both your needs and wants.
It’s All About Income
Most retirees depend on a number of different income sources in retirement. Part time wages, pension plans and Social Security are a few examples. Stocks, IRAs, qualified plans from previous employers and other investments can help supplement your income as well.
But how will the financial products you’ve accumulated along the years translate into an income stream that you and your spouse can’t outlive? How will your income be impacted by an unexpected downturn in the market, a long-term care event, a change in tax laws or inflation? How do we still leave a legacy to heirs while also maximizing our assets to produce income while living? These are the questions we help our clients answer.
How Can Vista Financial Group Help?
Vista Financial Group is the financial services arm of Vista Insurance Group. We focus on helping individuals and businesses plan for their financial futures. At VFG we understand that making financial decisions can sometimes be challenging. We have the knowledge and experience to help empower our clients to improve their overall financial situation thus attaining emotional confidence. Our tools and overall approach to planning can help you make the best decisions regarding retirement.
So many people get fixated on finding the perfect number for what they should be saving. Trust us to relieve that stress and help you figure out what is right for your future. Retirement is something we want you to look forward to enjoying.