Do You Have Enough to Retire?

Generally, retirees need somewhere between 70 and 80 percent of their pre-retirement salary to maintain their current standard of living upon retirement. This includes income from company pension plans, Social Security benefits, individual retirement plans (such as IRAs, 401(k) plans, etc.) and other investments.

Do you plan to stay in your existing home or are you planning to downsize? Downsizing and relocating may provide additional cash and reduce expenses. How is your health and do you have reasonable medical coverage? When will you be eligible for Social Security and Medicare? What will supplement those benefits until you are eligible? These are some of the major concerns that need to be considered.

Our website offers interactive financial calculators and other tools to assist you with some day-to-day questions and concerns that may arise. A few examples of the interactive Retirement Calculators available:

• Retirement Planner: Quickly determine if your retirement plan is on track - and learn how to keep it there.
• Retirement Pension Planner: Plan your retirement with a company pension.
• Roth vs. Traditional IRA: Use this calculator to determine which IRA may be right for you.
• Retirement Shortfall: Running out of your retirement savings too soon is one of the biggest risks to a comfortable retirement. Use this calculator to find a potential shortfall in your current retirement savings plan.
• Retirement Income: Use this calculator to determine how much monthly income your retirement savings may provide you in your retirement.

Our website also offers interactive financial calculators in other areas such as tax, debt and credit cards, personal finance, mortgage, investments, and loans. To access the financial tools, click here.

Please note: While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process. Please contact our office if you have any questions.