Article written by Jennifer Black and Dedicated Financial Solutions.
Are we saving enough for retirement?
Listed below are some of the questions we ask to determine the amount of money that will need to be saved for retirement. In future months we will expand on the reasoning behind the answers.
How do you know if you are saving enough for retirement? What assumptions are used when we create a retirement plan?
What will our fixed monthly expenses be?
What will our discretionary expenses be; for example, for travel, hobbies, entertaining, helping family, gifts, etc.
Will our monthly expenses decrease or increase as we get older?
What is the expected long term Inflation rate?
How long will we be retired – from retirement date to date of death? How long will we live?
What is a reasonable rate of return on our investments likely to be?
How conservative do we want to be with our investments after we have retired?
Are there any family members that we will need to help financially? If so, how much?
Do we want to be able to take our children and grandchildren on a family vacation?
How will our plan be affected if we have health problems?
What health care options would we want access to if we have a severe illness or accident?
Do we want to stay in our home and hire others to do the maintenance if we cannot handle it ourselves?
Would downsizing in retirement add cash to our portfolio? If so, approximately how much?
Will we need more than one vehicle during retirement, or can we get by with one?
What type of exercise will I get during retirement? What will it cost?
To schedule an analysis of your current financial plan contact us today.
