Maximizing Retirement Income
How Much Do We Need To Retire?
A couple retiring today at age 65 will need $280,000 on top of Medicare to cover their health care costs.¹ That dollar amount doesn’t include any living costs; only healthcare throughout your retirement. Seems crazy right?
As with most things in life, there are risks in retirement. Understanding these risks is essential to a confident retirement, no matter how long or short that may be. Simple math tells us that the earlier you retire, the longer your money needs to last and the greater the risk that you might outlive your savings. Working with our clients to ensure a safe and happy retirement is one of our main goals at Navigation Wealth Management.
We understand that the reality of retirement can be a scary concept if you don’t have a good idea of what it might look like. Our advisors can help take your financial information and put it into a format that will help show you what your retirement can look like and how much money you might need to live based on the lifestyle you want to have. We will look at the options that are a more “guaranteed” income option while in retirement such as; social security, pensions, bonds/CDs, some annuities and some whole life insurance policies. In addition, we will look at those retirement options that are not “guaranteed” income for retirement such as; bank and investment accounts, individual retirement accounts (IRA), health savings accounts (HSA), and employer-sponsored 401(k), 457(b), 403(b) plans. Navigation Wealth Management can help you put both types of income together to make sure that you are maximizing your retirement income in order to live the lifestyle you want along with making it last throughout your retirement.
¹ Fidelity Viewpoints, How to plan for rising health care costs, 2018.
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