It’s nearly impossible to know how much money you’ll have in your pocket until you know how much money you’ll need. Retirement is meant to be enjoyed and full of new adventures like traveling the world and simple pleasures like spending time with the grandkids instead of clocking into work. A big question when faced with the realities of funding your retirement is “What kind of lifestyle can I afford in retirement?”
The closer you get to retirement, the more you’ll know what your retirement lifestyle will be. A good general rule of thumb is to expect to spend between 55% and 80% of your annual income while you’re still working every year throughout retirement. This is known as your retirement income replacement ratio. This retirement income needs to be able to cover the following top retirement expenses:
Having a second and experienced pair of eyes on your retirement income plan can help give you the clarity and insight you need to look confidently towards a successful, comfortable, and enjoyable retirement. At Fortified Futures Wealth & Retirement Advisors, we can give you the professional opinion and guidance you need to make the proper adjustments to your spending habits. Contact our office today at 336.450.2161 to schedule your complimentary consultation! We look forward to helping you!
Corey R. Hodges
Fortified Futures Wealth & Retirement Advisors
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