Pre-Retirees
Many people have an idea of what they want their retirement to be. Whether it’s traveling around the world, living on the golf course, spending more time with grandkids, volunteering or starting another career. But, in order to have the retirement of your dreams, you need to make planning for it a priority. A recent survey shows that 26% of workers cite “saving for retirement” as their top financial priority. Other top priorities include “just getting by –covering basic living expenses” (21%) and “paying off credit card or consumer debt” (17 %).1
Have you calculated how much money you need for retirement? 47% of workers say that they “guessed” when asked how they estimated their retirement savings needs.2
Whether you are just getting started or it’s been a while since you looked at your retirement plan, one of the best ways to determine if you’re on track towards meeting your goals is to calculate how much money you’ll need compared to how much you have saved. Often, people simply guess at these amounts and as a result end up exhausting their retirement savings early and need to make significant changes to their standard of living.
Three Steps to a Solid Plan:
- Determine how much money you will need
- Identify how much money you will have
- Address any decisions or changes to your plan
Don’t be one of the 52% of US households at risk of not having enough to maintain current standards of living in retirement.3
Work with your financial professional to address questions and concerns and develop a solid retirement plan. While retirement planning can seem time consuming and overwhelming, putting off planning and hoping for the best will not help you meet your goals in the long run. That’s where Old Castle Financial Advisors can help, providing guidance every step of the way. And, if your goals include leaving an enduring impact by giving your children or grandchildren financial security or being philanthropic by helping fund a new building at your alma mater, we can also help you find a tax-efficient way to leave a legacy as part of your retirement planning. Whether you are checking back on your existing plan or just getting started, it’s never too late to work towards your retirement goals and dreams. We’re here to help, please feel free to contact us at (516) 394-2514.
