Retirement Preparation Kew Gardens NY

Do you know how much money you will need at retirement? Do you know if you will even have that much money? The best method to know for certain is for you to start putting together your retirement worksheet today.

Local Companies

Guy McPhail
Traust Sollus Wealth Management, LLC

(212) 661-8682
405 Lexington Ave- 49th Floor
New York, NY
Frederick Deyeso
financial filosophy

(917) 916-2207
105 East 38th, 5B
New York, NY
Anthony DeVito
ADV Investment Management & Financial Planning

800-732-5031
151 Overlook Avenue
Staten Island, NY
Raymond Mignone
Ray Mignone & Co., Inc.

(718) 229-2514
252-81 Brattle Avenue
Little Neck, NY
Gary Schatsky
IFC Personal Money Manager, Inc.

(212) 721-8713
250 West 57th Street, Suite 1619
New York, NY
Alan Rothstein
Asset Strategies, Inc.

(800) 245-2752
350 West 50th Street
New York, NY
Lewis Altfest
Altfest Personal Wealth Management

(212) 406-0850
425 Park Avenue, 24th Floor
New York, NY
Robert Ince
Tribeca Financial Planning LLC

(212) 406-3616
79 Worth Street, 4F
New York, NY
Bradley Rudman
Rudman Cannon Financial Advisors

(212) 461-2292
44 Wall Street, 12th Floor
New York, NY
Cindy Sterling
Sterling Financial Planning

(212) 405-1616
215 Park Avenue South, Suite 1402
New York, NY
Data Provided by:
  

Provided By:

Author: Eric Bayne

Do you know how much money you will need at retirement? Do you know if you will even have that much money? The best method to know for certain is for you to start putting together your retirement worksheet today. Before you begin your worksheet, however, you will need to answer the following 3 vital questions:

How much do you want to make a year, in today's dollars, when you retire? Or, to put it another way, if you were to retire right now, what yearly salary would you require in order to keep you living in the fashion to which you have become accustomed. The majority of worksheets and calculators will have built into them projected appraisals for inflation and will be able to use this figure to calculate roughly the amount of annual income you will need at retirement.

How many years are there before you retire? This is critical because it is the number of years you have remaining in which to add funds to your financial portfolio. The spreadsheet will take the value of your current portfolio and add to it any expected contributions up to the retirement date. The calculation will show how much you can expect to have at retirement. If this amount is less than what you require, you will either have to add more money to your portfolio, change your investment strategy, or lower you expected standards of living at retirement.

What is the sum of all your sources of expected retirement income? This includes your expected Social Security income as well as any of the following investment plans - 401k, 403b, 457, Keoghs, SEP, IRA, and pension plans. It's important to get as concrete figures as you can and put them on paper. This helps to avoid the rose colored glasses scenario where you think you have more money than you actually do. A major cause of people getting to retirement and being shocked that they don't have enough money to live at their current lifestyle level is their failure at an earlier age to take a hard look at their financial situation when they had plenty of time to do something about it.

How many years will your retirement funds be expected to last? This is a sensitive question as it gets into life expectancy and mortality issues. Once you begin to collect Social Security, your income from it will be relatively constant. But Social Security will most likely cover less than half of your desired income. And in many cases, it will cover much less. This means that your remaining investments have to supply the rest of your income. In the best of circumstances, you will be able to live off of a combination of the interest and dividends from your investments and not have to touch the principal. If, however, you are forced to start drawing against the principal, your annual income from it will continually decrease until gone. Knowing how many years your retirement funds will be necessary will help you make the decision as to whether you should start to draw the principal down or accept a lowered standard of living.

How is your health? For many retired people, their medical bills are their biggest out of pocket expense when they retire. Even with Medicare, you may have deductibles to pay for. We can't look into the future and say for certain what our health will be at retirement. But if you already are taking medical treatments for a disease such as high blood pressure, diabetes, cancer, and so on - you can be almost certain that those bills will increase significantly as you reach retirement age. Many people when making their retirement plan, forget planning for future medical bills. But now, before your retirement, is the best time to do this.


About the Author:

Eric Bayne is writer and researcher for http://www.retirementplanhelper.com . Visit his site to find out where he'll answer questions such as what are 401k plans and other retirement related questions.

Article Source: http://www.articlesbase.com/finance-articles/5-questions-you-should-answer-before-you-retire-810048.html

Related Articles
- Retirement Planning Kew Gardens NY
Retirement is a big decision for everyone working in today's economy. When you can retire comfortably is a matter that is different for every individual. Taking the proper steps today can help you plan an easy and comfortable retirement for tomorrow. There are many options to choose from to help make retirement the best years of your life.
- Simple IRA Kew Gardens NY
- Retirement Planning Calculator Kew Gardens NY
- Retirement Preparation Kew Gardens NY
- 457 Plan Kew Gardens NY
- How to File Federal Tax Returns Online Kew Gardens NY
- Retirement Planning Kew Gardens NY
- Understanding your 403b Kew Gardens NY
- Early Retirement and Health Care Kew Gardens NY
- Retirement Planning Kew Gardens NY