22 May How Much Money Will You Need for Retirement?
How Much Money Will You Need for Retirement?
When it comes to saving for retirement, it helps to have a target. Many advisors say that you’ll need 70% of your pre-retirement yearly salary to live comfortably. The experts at CNN Money, however, aren’t so sure. “That might be enough if you’ve paid off your mortgage and are in excellent health when you kiss the office good-bye. But if you plan to build your dream house, trot around the globe, or get that Ph.D. in philosophy you’ve always wanted, you may need 100% of your annual income – or more,” they say.
Here’s more good advice from CNN Money: “It’s important to make realistic estimates about what kind of expenses you will have in retirement. Be honest about how you want to live in retirement and how much it will cost. These estimates are important when it comes time to figure out how much you need to save in order to comfortably afford your retirement.”
Of course, there’s more to it than just setting a target. Building and preserving your personal wealth requires specialized attention. The professionals at Palm Beach Tax Service | Palm Beach Accounting will give you the kind of personal guidance that will allow you to establish a sound, realistic financial plan so you won’t have to wonder about all your tomorrows.
We offer personal attention and professional accounting, tax and bookkeeping for West Palm Beach area residents. To discuss your hopes for the future, please contact us at (561) 586 0029 or email@example.com.