GOOD vs sad retirement... how to know if you're on track

Wouldn’t you agree that there are basically two types of retirement: a good one, and the one people dread?

When people think about the dreadful type of retirement, they think about not being able to do the stuff they want to do because of monetary limitations, or not being able to have the freedom to do it on their preferred terms.

For example:

• Working (not by choice) for several more years than anticipated
• Wasting their prime golden years waiting for their turn to go explore
• Trips include riding coach, staying in a 2-star motel, and little money for fun
• Worrying about what they’ll do if they run out of money to pay bills

When most people think about the good one, they think about being able to do whatever they want, whenever they want.

For example:

• All-inclusive resort junky
• Hawaiian Island Connoisseur
• Epic Alaskan whale-watching adventures
• Traveling to see the 7 Wonders of the World
• Riverboat cruises through beautiful historic European cities
• Seeing all the major league baseball (or insert sport) stadiums
• RV road trips across America to see landmarks and national parks
• Maybe you just want to sit on a beach, but love shopping and fish tacos

You get the idea.

That stuff costs money. And lots of us want to be able to do things like that, but we’ll have our normal living expenses to work around, and a finite supply of cash to make it all work.

The point of this week’s article is not to shame anyone’s particular journey or future living situation.

Beauty is in the eye of the beholder. Many are happy homebodies, content in their own space and company.

But there are also people who have made plans, even if just in their head, to go out and live it up in retirement.

It’s important for this type to be realistic about their chances of getting to that point because otherwise, it’s just a dream. So how much does it take?

Recent calculations indicate that in order to have a GOOD retirement, people should have saved about $2 million minimum in their accounts by age 65.

I always stress the importance of starting early with your savings.

A good rule of thumb is to regularly invest 20% of your take-home income into a retirement vehicle that will compound your money over time.

The following shows you how much one would have to sock away into a retirement savings account per month, by age, if they were starting with nothing, to have a chance at sniffing $2 million at 65.

Age 25 = $600/Mo = $7,200/Yr

Age 35 = $1,400/Mo = $16,800/Yr

Age 45 = $3,500/Mo = $42,000/Yr

Age 55 = $11,000/Mo = $132,000/Yr

Don't wait!

If you haven't started yet, what are you waiting for?

If you haven't been funding enough, the time to make adjustments is now.

The good news is that there are a few tools available to help climb that mountain should you need them.

If you need to catch up, I might be able to help, let's chat ASAP because, well, time is money.

I'm rooting for ya.

Chris Kaden

Owner?I Retirement Income Optimizer?I Kaden Prosperity Protectors?I Powered by FINLine Financial?

Proudly serving families in TX, FL, OH, GA, IN, IL, LA, WV, VA, NE, MO, NC Direct Contact: 713-819-4218

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