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You may not need millions of dollars to retire in comfort!
Here are 4 things you will need to know in order to answer this question.
This question comes up all the time. Depending on which website you visit, what commercial you see or what advisor you speak with, you keep hearing different answers to this question. No matter who you speak with or where you research, the answer to this question is usually expressed in numbers. You might remember a series of commercials a few years back that asked “Do you know your number?” This commercial showed a lot of folks running around with large numbers under their arms. Nearly all of those numbers were in the millions! I sure do understand how someone might have looked at the commercial and just given up. The thought process probably went something like this: “How am I ever going to save millions? I might as well not even try”.
Well, I would suggest that giving up is not an option. In fact, something is almost always better than nothing when it comes to figuring out how to pay for retirement. You probably have more than your realize and need less than you think in order to live comfortably.
Here are 4 key things you need to know in order to take the stress out of your planning:
- What does retirement mean to me? Some people want to travel, others read. Do you want to start a second career? How about going back to school? Heck, Ray Kroc didn’t open his first McDonald’s until he was well into his 50’s and bought the company when he was nearly 60! It’s never too late to follow your dream, especially these days. Do you want to do charity work? Learn a new language if you like, the list of opportunity is endless. My clients have taught me that the key to a happy retirement is a clear vision of what that means to oneself!
- What does it cost for me to live now? We use a tool called a cash flow analysis. This exercise lets you know what it costs you to live today. We all think we know, but almost everyone underestimates what they spend. Having an accurate accounting makes the numbers real. It will also trigger ideas and insights as to ways to reduce the cost of delivering that lifestyle without giving anything up! In fact, most clients who do this ultimately find money to add to their lifestyle, just by identifying money they are wasting. If you would like a complimentary copy of the “Cash Flow Analysis” tool, click here and we will send you a copy right away. Once this step is complete, you can subtract items you won’t need in retirement like shirt laundry, commuting costs, union dues, etc. Then, add in things that you want to do more of or start doing in that part of your life. Break those items down to a monthly cost, because our cash flow tends to be monthly during retirement.
- Take inventory. At GFIS, our motto is “Discover your Hidden Assets”. When taking inventory, use your imagination and don’t leave any resources off your list. Over the years, clients have “found money” in a lot of places they hadn’t previously considered. Here are a few examples of assets you might have overlooked. Taxes, if you pay less, you get to keep more. What is hiding in your attic or garage? One person’s junk is another person’s treasure. Do you have lost property? Every state has a bureau that holds lost property or account balances from unclaimed accounts. I just had a client find over $37,000 from a dead relative. Do you have a pension or social security? You must have a claiming strategy for both or you could find yourself missing out on tens of thousands in lost income!
- Where is this going to happen? Most of us go through our professional lives and never consider that we might want to live somewhere else after we retire. Having a plan in place early can make these transitions much smoother. Do you want to be closer to your kids and grandkids? Are you tired of shoveling snow? Do you have allergies or arthritis? A lot of people move once they retire, knowing where will really help with figuring out how much it will cost to live later on.
For years, I have noticed that most people spend more time planning a vacation than their financial future. If you want to make retirement the “trip of a lifetime” then take a few hours and get a handle on these 4 areas, I promise you will be happy you did!
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