Retirement Strategies
Looking to learn more about income options that may be available to you? Questions about your current policies? Visit us at an upcoming seminar. Or, you may contact us for a meeting with Shelly today.
Retirement Income
If you want to be comfortable in retirement, that usually doesn’t just happen. Instead, retirement calls for preparation and thought. One aspect of retirement to think about is retirement income. Of course, determining plans for your assets and legacy are probably part of your preparation. However, the big question is, “Will you have enough income?” Once part of answering this question may be another question, “Is your money safe”? When you have a way to keep your money protected, your retirement income could be lifelong.
There is no question that inflation has impacted our world. Cost of living has steadily rose some years and had significant impact in other years. Plus, you may want to have money for the “what ifs” or simply for some “extras” in your life. For example, maybe you want to start a project or a hobby you’ve always wanted. Or, maybe you want some extra spending money to enjoy life. No matter your income goals, Safe Retirement Solutions is here to show you some retirement income options that may help.
Did Someone Say "Inflation"?
We hear this term in the news often. But, what we may not realize is how inflation may impact retirement income. In fact, some people forget to think about how much income they might need due to inflation. Some sources recommend 2% as the approximate inflation rate. Of course, this can fluctuate. All you can do is include inflation somehow in your retirement income calculation. With that information included (among other things), you may get a better sense of how much income you want in retirement.
As an example, you might need $52,000 every year for living costs. Then, let’s see what happens with a 2% inflation rate. Well, those same living costs now require another $1,040. In 5 years, the same lifestyle (if that inflation rate remains the same) would mean you need $57,000. How about if we go out 10 years? Now you could be looking at $63,400 to pay for the same items and expenses. In all, that could mean hundreds or a thousand dollars more income per month is needed. This is why knowing your income number may help.
At Safe Retirement Solutions, we work to help you understand some options for a retirement income that may be right for you.
Budgets in Retirement
It’s likely that you’ve thought about your future and how you’d like to grow your money. Yet, sometimes we forget to think about how to spend it (wisely). When you think through your expenses, you can consider both the “needs” as well as the “wants.” The needs category might capture things like food, housing, or vehicle expenses. Other categories might include “wants” such as dining out, traveling, or updating a room in your home. You may also wish to factor in a donation category for your income.
Also, we recommend having a little wiggle room in income. Life does, of course, happen. When things happen, you’ll be likely better off with a cushion in your income. Doing so may help you feel comfortable with your retirement income.
Retirement Income Discussion
Shelly Logan has decades of experience working to help people learn options for their money. She believes in helping clients protect some of their hard-earned money and creating an income from that money that you can’t outlive, backed by the claims-paying ability of the insurance company. Safe Retirement Solutions isn’t just a name – it’s what we aim to help you achieve.
Looking to learn more about income options that may be available to you? Questions about your current policies? Visit us at an upcoming seminar. Or, you may contact us for a meeting with Shelly today.
