Guide to Solving Your Retirement Puzzle: Five Key Pieces

If retirement is approaching, you can consider a dizzy number of questions.

When I should retire?

How much money will I need to retire comfortably?
What will I need to monthly to live the retirement of my dreams?
What if I outline my money?

What should I invest first?
Are I certain that when I have gone, my property will go to the right people or charitable organizations?

If you are quick-and-and-like, a size-fit-all those questions are answering those questions, then you are for disappointment. Answer vary from person to another. Everyone’s retirement needs are different, and they are the first to define themStep to keep the pieces of the puzzle together.

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If you are struggling to come up with answers that are right for you, then there are things that you can do to bring more clarity in your personal position. Let’s take a look at something.

Know your retirement needs

People often think that they will need less money in retirement during their work years – and perhaps in some cases it is true. But the amount you need to live comfortably will depend on what kind of retirement you imagine the lifestyle of retirement.

A homebody that gardens in the backyard and meets friends once a week in a coffee shop will require less money than someone who is planning to travel frequently in places he had never gone.

Look at the current monthly expenses and then think what retirement means for you.

How active do you expect?
What will you not have any expenses now, such as gas for commuting?
What new expenses can you spend, such as more time is spent on hobbies?

Do you want to make sure that your accounts still have money when you have gone so that you can leave a legacy for your children, grandson or favorite reason?

Coming with a monthly goal is paramount.

Know where your money will come from

Think of the sources of income that you will be in retirement. They can include social security, a pension, retirement accounts such as IRAS or 401 (K), and other investment accounts.

Social security will provide a regular monthly payment for the rest of your life, but the amount depends on some factors when you claim your profit. You can take it at the age of 62, but on low amount.

If you claim until you are 70 years old, you can greatly promote the amount. A social security administration publication on this subject gives a good explanation of how it works.

Publication uses as an example of a person whose full retirement age is 67 and whose monthly profit is $ 2,000. If that person claims social security on 62, the monthly gain would be $ 1,400 instead. If they wait until the age of 70, the amount will be $ 2,480.

Avoid pulling your savings very quickly

Most retired people will need to tap in their savings, so that they can help complete the end, but you have to be careful about how much you withdraw each year.

In the past, people often used 4% of the rules, which suggested withdrawing the percentage every year each year, with slightly additional added each year. For example, if you had $ 1 million in your account, you can withdraw $ 40,000.

4% of the rules do not always catch, though. Carefully consider how much you will have to withdraw your retirement lifestyle needs and to fill the difference between social security, pension or other sources.

There is a game plan to avoid getting out of money

People have been living for a long time, and retirement can last 20 to 30 years. You want a plan that helps your savings to avoid disappearing.

Many of our customers express concern about being that, which is not surprising because 66% of Americans are afraid that they will get out of money in retirement, according to a Gobanking survey.

In addition to being prudent with your withdrawal speed from retirement accounts, there are other steps that you can do to limit your retirement savings obstacles.

Looking for expert tips to increase and preserve your money? Sign up for Construction moneyOur free, twice-weekly newspaper.

For example, various tax strategies, can help you reduce the amount given to Uncle Sam, which in turn keeps more money in your pocket.

Ensure that your investment generates income, not only growth

A diverse portfolio is also the most important in retirement. Although you want to reduce your risk at this stage of life, investment such as stock and mutual funds can provide some increase.

But you also want investments that will generate income, social security and you can complement any pension.

For example, insurance vehicles such as annuity can provide a stable and reliable income stream for the rest of your life and CD Ladies can provide stable interest. A variety of other income-producing investments can help provide stable, supplementary income for retirement.

This can make it feel heavy to try to sort through all these questions. There is another thing to think through. Consider consultation with a financial professional who specializes in retirement and income plan and it can help you ensure that your plan is as solid as possible.

This person can explain the INS and Outs of all the subjects covered here, review their financial status with them, and help you develop strategies that meet your personal needs.

As I have mentioned earlier, what is right for a retirement is not always right for another because so many factors come in the game, including your finance, your lifestyle, your goals, your goals, your health and a desire to leave a legacy.

You do not want to leave any of them to give a chance.

Ronnie Blair contributed to this article.

Advisory Services were offered through Volunture Investment Management, LLC, an investment advisor registered with the US Securities and Exchange Commission. Registration does not mean a certain level of skill or training.

Showers in Kiplinger were obtained through a PR program. The columnist received assistance from a public relations firm in preparing this piece to present Kiplinger.com. Kiplinger was not given compensation in any way.

This article presents the ideas of our contributing advisor, not by Kiplinger editorial staff. You can check advisory records with Second Or with Finara,

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