Retirement planning

How much money will you need to retire?

If you are currently 40 years old, have an annual income of $75,000, and want to retire at the age of 67, you will need approximately $2 million in the bank. No problem, right? For nearly 60 percent of Americans who have saved less than $25,000, it’s a big problem. Huge! With current savings of $25,000 and ongoing savings of 10 percent of income, this individual would fall short by about $1.2 million.

Generally speaking, expect that you will need about 70 percent of your pre-retirement salary to live comfortably. This percentage will vary, depending on what you plan to do in retirement. Do you want to travel? Do you want to finally build your dream home? If so, you will likely need your entire pre-retirement salary or more. Also consider what your expenses will be and compare them to your expenses today. Will your house be paid off in the year 2040? Will you be paying for your own health insurance?

Click Here to See the Entire Article

Privacy Policy Copyright © 2015 Beacon Financial Group. All Rights Reserved.
All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Securities and investment advisory services offered through National Planning Corporation (NPC), NPC of America in FL & NY, Member FINRA/SIPC, and a Registered Investment Adviser. Registered Representatives of NPC may transact securities business in a particular state only if first registered, excluded or exempted from Broker-Dea9er, agent or Investment Adviser Representative requirements. In addition, follow-up conversations or meetings with individuals in a particular state that involve either the effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made absent compliance with state Broker-Dealer, agent or Investment Adviser Representative registration requirements, or an applicable exemption or exclusion. Beacon Financial Group and NPC are separate and unrelated companies.