There is nothing like a good nights sleep on a mattress that fits your style. Each person has a unique preference, firm or soft, warm or cool, or large vs small size mattress, that they prefer for the optimal comfort. But the title of the post is not referring to the Sleep Mattresses Number beds. Its referring to that thing that may keep you up at night: retirement income planning. Even after being in the wealth management industry for over 17 years, I am still amazed how many people I see that are completely unprepared for future retirement income needs. In fact, a recent study by Bank of America showed “Eighty-one percent of Americans said they don't know how much money they'll need to fund their golden years.” While I understand that this type of planning isn't the most exciting thing for most people, it is certainly one of the most impact full exercises one can do. There are thousands of financial professionals that are available to help. While some are better than others, finding a good financial planner or retirement income specialist is worth their weight in gold (or pillow feathers...) . 81% of Americans said they didn't know how much money they'll need to fund their golden years" Using something as simple as an online calculator to determine how much you will need to save and make a few assumptions on investment returns is an easy place to start. From there you will need to factor in important things like Social Security benefits, pension incomes, real estate or rental property income and required minimum distributions (RMD) from IRA accounts. From there investors need to make longevity assumptions, along with tax and inflation implications on future needs. No wonder most people would rather take a nap on a comfortable bed then try and calculate all of this alone. If you are one of the 81% that hasn't calculated your "number" then now is a good time to evaluate your current savings rate, projected investment return and future income needs with a qualified financial professional. By doing so, you will know where you stand and have a tangible action plan so you can sleep comfortably dreaming about your worry free retirement. Leave a Reply. |
by Tim Dyer
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September 2017
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1/16/2017
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