“Do I have enough money in retirement?” I hear this question quite often. Simple question but complex answer. There are certain things that you can do to see if you are on track.
Generally speaking, you should have 8 to 12 months of final salary saved up. Typically you would need more if you retire earlier or less if you decide to work longer. Add in social security or a pension and this should give you a good assessment of what you have on the ASSET side of the balance sheet.
Then subtract the LIABILITIES such as mortgage payment, real estate taxes, utilities, home insurance, auto insurance, life insurance, health insurance, car payments and maintenance, gas. This should give a general idea of your expenses. A lot of people don’t realize how much is actually” going out of their pocket” until they put it on paper.
Prepare for “unknown” risk. This risk can be devastating to your financial well being. The major cause of this is health-care cost for a unknown illness to a family member or having to take care of elderly parents. These situations can be mitigated with proper planning.
Making your money grow with proper asset allocation in your portfolio is extremely important. First, it’s good to know your risk tolerance. This is usually put into three categories. Conservative; Moderate; Aggressive. Get to know this and it will allow to construct a portfolio that suitable for you ideally with the help of a trusted advisor.
Sound preparation and due diligence are required to make sure that you live the lifestyle that you worked so hard for come retirement.
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