Something that is said frequently is that there’s no means of achieving enough finances to comfortably live through retirement, but this doesn’t have to be the case. With proper planning and a goal in place, it’s definitely possible to achieve a successful retirement. In some of our previous blogs we’ve talked about the pros and cons of saving options, but today we are going to dive deeper into creating your goals for retirement and how to use these goals to build the foundation of your savings plan.
Let’s begin with the basics. Your plan must always include your living costs. This should take into consideration any mortgage, car, or loan payments that will be tentative. On top of that, consider what your average bills are for electricity, gas, and groceries. These are expenses that are never going to go away, so it’s crucial that you have means of paying for them.
After that, you will have to take into consideration the types of activities you want to have spending money for. Do you go to the movies often? Are you planning on spending money for Christmas gifts? If you have pets, how often will they need to visit the vet? This is also where you’ll take traveling into account.
The primary thing that needs to be taken into account is what it’ll take for you to live through retirement comfortably. Don’t be frugal when making these calculations, overestimate your expenses so that you’re honestly able, and prepared, to afford the lifestyle you desire.
Once you’ve created your plan, determining how you will save this money is the next step. Depending on what your desired savings look like, you can then break this step down even further by determining how much you’ll invest in each form of retirement planning and which will provide you with the most return.
Annuity Genius is a team of experts built on professionalism and trust. We use our knowledge and our sources to help determine which annuity will be best suitable based off of your retirement goals. The options of annuities range from hybrid annuities to fixed annuities. Contact Annuity Genius to set up an appointment today!