Retirement Preparation Nyack 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

Martin Shenkman
Martin M. Shenkman, PC

(201) 845-8400
4 Forest Avenue, 2nd Floor
Paramus, NJ
Gregory Plechner
Modera Wealth Management, LLC

(201) 768-4600
56 Jefferson Avenue, Second Floor
Westwood, NJ
Cary Carbonaro
Stonegate Wealth Management, LLC

(201) 791-0085
17-17 Route 208
Fair Lawn, NJ
Maureen Whelan
M. A. Whelan Financial Planning

800-775-8564
1392 Albany Post Road
Croton on Hudson, NY
Joanne Marion
Marion Financial Advisors

(914) 584-0518
2454 Trelawn Street
Yorktown Heights, NY
V. Peter Traphagen
Traphagen Investment Advisors, LLC

(201) 262-1040
234 Kinderkamack Road
Oradell, NJ
Keith Amburgey
Rutherford Asset Planning, Inc.

201-266-6807
2 Lambs Lane
Cresskill, NJ
Steven Copeland
Safe Harbor Financial Planning

914-771-5277
53 Rossmore Avenue
Bronxville, NY
Lili Vasileff
Divorce and Money Matters, LLC

(203) 393-7200
Two Sound View Drive
Greenwich, CT
John Belluardo
Stewardship Financial Services, Inc.

(914) 380-1421
39A Cedar Street
Dobbs Ferry, 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 Nyack NY
Imagine getting to the point where you can actually retire. Ah, the relief, the peace of mind and the excitement. Not having to do the daily grind that comes with maintaining a full time career or job. You have done that for so many years. You are ready for a change.
- Retirement Planning Calculator Nyack NY
- Retirement Planning Nyack NY
- 457 Plan Nyack NY
- Early Retirement and Health Care Nyack NY
- Simple IRA Nyack NY
- Retirement Planning Nyack NY
- How to File Federal Tax Returns Online Nyack NY
- Understanding your 403b Nyack NY
- Retirement Preparation Nyack NY