If you and your spouse are ready to sit down and create a robust retirement strategy, Assets offers tips for how to calculate monthly income needs during the post-work years.
Ahhhhh. . . retirement! You can already taste the golden years - the relaxation, the cruises, the cozy times with your better half!
It sounds so great - but how will you pay for all this once you've stopped working?
The reality is - many people struggle to maintain their lifestyle in retirement, but luckily, the team of financial experts at Assets can help!
The company's guide covers key benchmarks for retirement savings, factors to take into account when calculating your monthly needs, and recommended annual withdrawals.
Check it out at https://assets.net/what-is-a-good-monthly-retirement-income-for-a-couple
As the average life expectancy for Americans continues to increase, the company offers practical tips for you and your honey to accurately calculate monthly income needs as you plan for a comfortable financial future together.
Recent data from Yahoo! Finance shows that many married couples fail to plan properly for retirement or to maximize their retirement savings and workplace benefits, meaning that a substantial percentage of the population is at serious financial risk when the golden years arrive. The Assets guide is specifically designed to help you and your partner look closely at some of the factors that can influence your monthly income needs, such as life goals, lifestyle choices, and investment vehicles. “It can be challenging to determine how much income will be enough for you and your spouse after you retire,” says a spokesperson. “Mapping out a strategy and figuring out how much money is necessary for a comfortable retirement is crucial for establishing security and a solid foundation.”
The guide offers advice on using a retirement planning calculator to gain a thorough understanding of your current financial situation. The Assets team also explains the potential earnings available to you and your partner through a portfolio of retirement savings tools.
Several important numerical benchmarks are also listed in the guide, such as the notion that if you are heading into your early 60s, you and your spouse should have a retirement fund that is the equivalent to seven times your collective household income in the pre-retirement stage of life.
You'll also be alerted to some common factors that can affect your retirement planning and monthly income calculations. This includes dependents, projected longevity, health conditions, and financial goals - such as increasing an emergency savings account or investing in secondary properties.
Finally, the guide explains how other assets - such as rental properties - and reliable revenue streams from pensions, employer-matched 401(k) plans, IRAs, or Social Security benefits, should be taken into account when you're calculating monthly income requirements.
Start preparing for a fantastic financial future with your nearest and dearest - get in touch with the team at Assets today!
Learn more at https://assets.net
