Introduction
The more you know about your retirement, the better prepared you’ll be for life after work, that’s why it’s important to take some time to plan for your golden years even if that means thinking about what you won’t have as much time for once you no longer have a full-time job.
Your AG Morgan Financial Advisors can help with this process by helping you figure out how much money your savings will need to last until age 80 or beyond and which investments will help achieve these goals.
The Difference Between Retirement And Financial Independence
Retirement is when you stop working; financial independence is when you don’t need to work and financial independence is a great goal, but it may not be realistic for everyone.
If you’re planning on retiring at age 65, having enough money saved up by then is key but how much do you actually need? The answer depends on your lifestyle and goals in life. For example: if all of your friends are still working at 65 and they live close by so they can meet up often for lunch or coffee, then maybe being financially independent isn’t such a big deal right now!
Understand What You’ll Need To Live On In Retirement
One of the most important things to understand when planning for retirement with AG Morgan Financial Advisors is how much money you will need.
The first step in estimating your retirement costs is to take a look at all of your current expenses and add up what they total, including:
● Housing expenses including mortgage payments, property taxes, home insurance and utilities
● Transportation costs car payments or gas
● Food bills groceries
Once you have an accurate picture of your current monthly spending habits, it’s time to think about what might change after you retire.
● Will there be any major changes in health care costs?
● Will any family members need additional financial support during their golden years?
● If so, how much would these additional expenses cost each month?
These questions are crucial because they help determine how much money retirees should plan on having available each month after accounting for their basic living expenses and if this number isn’t high enough then there could very well be trouble down the road.
Plan Your Retirement With AG Morgan Financial Advisors
