DECIDING WHEN TO RETIRE? LET YOUR RETIREMENT PLAN GUIDE YOU.

As they say, timing is everything. It’s certainly true when it comes to retirement. But how do you decide when to retire?

We believe a comprehensive retirement plan should take your entire retirement life into account. This includes how to balance your healthcare and income needs with your wants, and the timing that can best help you get to the retirement lifestyle you desire.

Retirement Planners of America specializes in helping people prepare for retirement. We can help you with:

  • Growing and protecting your nest egg
  • Identifying the best time for you to retire
  • Finding out when and how to take Social Security
  • Determining the amount of money you’ll need to retire with the lifestyle you want
  • Calculating the rate of return you’ll need to earn on your investments to reach your financial goals

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CASH FLOW ANALYSIS IS KEY TO YOUR RETIREMENT PLAN

Creating a retirement plan starts with a cash flow analysis. In our view, this step looks at where your current retirement savings are relative to your goal.

What sources of income will you have once you retire? These could include:

  • Social Security
  • Pensions
  • Rental property income
  • Any income from projected part-time employment

Next, add together the expenses you’ll have when you’re retired. Make sure to include travel and other parts of your desired lifestyle. These could include:

  • Car payments
  • Mortgages
  • Property taxes
  • Groceries and other everyday expenses
  • Insurance premiums
  • Tithing or charitable giving
  • Travel
  • Eating out
  • Club memberships, recreation fees, or hobby-related expenses

Subtract your anticipated expenses from your retirement income. Don’t be surprised if you find you’re at a deficit. That’s why its important to start planning now so that we can work together on an investment strategy intended to grow your nest egg to where it needs to be for your financial peace of mind.

YOUR MAGIC NUMBER HELPS YOU DETERMINE WHEN TO RETIRE

The next step is to calculate the amount of money you need to support the retirement lifestyle you want. We call this your Magic Number. It’s the estimated sum of money – taking inflation into account – you will need to meet your financial goals when you retire.

Armed with your Magic Number, you can figure out how many years it might take to reach that target and be ready to retire.

We can help you create a customized retirement plan intended to grow your savings to hit your Magic Number.

Retirement Planners of America can help. Download our free guide on the critical elements of a retirement plan.