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How much money will I need in retirement?

September 23, 2014

Hi and welcome back to the Goldstone Financial Groups Blog page. I love writing these because it gives us a chance to speak from the heart on subjects that we know are important to you. Take for instance today’s topic, “How much money will I need in retirement? When I sit down with someone to develop a financial plan for their retirement, that is the first question I usually hear and we need to figure that out. Some experts say that you should figure on needing 70-80 percent of what you were making before you left your job. If you have managed to pay off your mortgage that might just work fine but there are many factors to take into consideration. Some people dream of traveling around the world and visiting the Greek Islands or cruising to Alaska and see the glaciers while there still there. Others want to pick up one of those giant RV’s that have everything loaded into them and then do a driving tour around America. Sounds really nice doesn’t it. At the Goldstone Financial Group we begin this process by finding out exactly what your hopes and dreams for the future are. Our goal is to develop a plan that provides you a comfortable retirement and that is a very subjective thing. For us to do this we need to see what your current expenses are and then try and figure out how they will be changing in the future. For instance, in our last Blog we talked about the cost of medical care in retirement. Many people fail to actually comprehend how much this can end up costing. While we don’t have a crystal ball we can take a hard look at your current health care costs and your family history and come up with a pretty close estimate as to what you’ll be looking at. One other thing to consider is doing this planning as soon as possible. Yes you may change your mind on certain things and circumstances may change for you and that’s fine. We can make adjustments to your plan as we go along. The important thing to remember is as Nike says…”Just Do It” and the sooner the better. The longer time you have to put money away for your retirement, the better that retirement will be. You must be proactive. Financial planning is so very important. At the Goldstone Financial Group we are dedicated to helping you Secure Your Financial Future.

Thank you for your time,

Anthony Pellegrino
Principal, Goldstone Financial Group

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