Retirement, How Much Income Will You Need?

You might ask yourself why I chose this topic to write about.  My reason is, I need to really consider the exact dollar amount I will need during my retirement, especially if I want to enjoy the same lifestyle that I am accustomed to living.  That being said, I'm probably like a lot of people out there. I've put off thinking about this topic because I knew I had a lot more time left to figure this out.  Well, an unfortunate situation happened to me and now I find myself pressed to figure some things out earlier than I expected. 

This is one of the reasons why I decided to start my online business.  I need to supplement my retirement income so that I will have enough to last me through my retirement. This is also why I decided to share this information with you today. 

There is really no way to determine exactly how much you will need during your retirement. There are too many variable factors to consider in your equation when calculating total dollar amount, for a certain number of years. Then you also have to include the variables of a shorter lifespan, as well as a longer one. 

Some people's advice would be to save at least 10% of your income. Nonetheless, it’s not that simple. The first thing you should understand is that your income needs might not decrease during your retirement. And the further you are from retirement, the harder it might be to predict an accurate number. 

Another factor to consider is your medical costs. Medical coverage could be higher when you reach retirement. You might expect Medicare to supplement some of your medical costs. But that’s uncertain, especially when you consider the financial difficulties the program is currently experiencing. It would be more sensible if you planned on building a larger nest egg. It’s been stated that you might even consider using an online retirement calculator to figure your exact dollar amount needed. It’s also been stated that these types of tools can sometimes offer you insight by giving you a ballpark figure to work towards. But you can’t expect software to predict your retirement needs. Retirement needs can vary for each individual, based on numerous factors such as, not having an Employee retirement plan from your job when you retire. What if you have to pay education costs for your children? What if you want to travel frequently? Each of these factors has an impact on how much you will need to put away for your retirement fund. 

So a word of advice to you would be, it’s wise to now consider what you would do if you needed to supplement your retirement income. Don’t put-off finding additional ways to supplement your retirement income. If you choose to start an online business now, then I believe you are ahead of the game. By the time you are ready for retirement, your business should be bringing in profits because you worked out all the kinks in advance.

To Your Success and Mine!

This article was published on 18.02.2018 by Sharon Mccorkle
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