How Much Money Will I Need to Retire?

Do you ask yourself: “How much money will I need to retire?”

Understanding how much money you will need to be able to retire is not an easy task. There are many variables, including lifestyle, debt, life expectancy, health and more. That is why it is so important to sit down with a retirement planning professional who can assist you in creating a road-map for the most crucial years of your life.

Everyone has the dream of living their golden years comfortably, but few take the time to truly plan for that period of their life. The good news is that a qualified planner can help you achieve the retirement you’re dreaming of! Before you take that step, however, here are a few questions to consider:

  1. How much income will you receive from Social Security and/or pension accounts when you retire?
    • You can calculate your Social Security benefits by visiting and using their Retirement Estimator tool.
    • Did your current or previous employer offer an employee pension plan? If so, speak with their benefits department to receive an estimate on what your future pension benefit may be.
  2. How much do you currently have saved for retirement?
    • Have you invested in a company 401(k), 403(b), IRA, Roth IRA or other retirement benefit plan? If so, what is the balance? In order to meet your goals, you may need to contribute more.
    • Do you have money in bank CDs or savings accounts? Do you have an emergency fund?
  3. What are your beliefs about taxes, COLA’s, and interest rates in the future?
    • What is the average interest that you anticipate your investments earning for you?
    • Do you feel that you will need to account for a Cost of Living Adjustment (COLA)?
    • Do you feel that taxes will stay the same, decrease, or increase in the future?
  4. What expenses do you have?
    • Do you own your home? How much is left to pay on your mortgage?
    • Do you owe on any other debt such as credit cards, student loans or vehicle loans?
  5. How much supplemental income will you need in retirement?
    • What is your current household income?
    • What percentage of income do you think you will need to replace to live comfortably in retirement?
    • How long do you plan to wait until you retire?

Wealth Planners of America highly encourages our clients to review this retirement checklist in order to suggest the best possible retirement plan for you! No two people have the same needs and goals and it is important to assess your personal financial situation so that your Wealth Planner advisor can tailor a plan made just for you!

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