“How much money will I need in retirement?”
It’s a question we get asked often, from people in all age groups, professions, income levels, and geographical locations. And from people with diverse spending habits.
Of course, lots of people stand ready to share a formula or fixed-target amount they’ve heard. One recent study found that average Americans believe they’ll need $1.7 million to retire. Another often-mentioned opinion suggests you’ll need 80 percent of your pre-retirement annual earnings after retiring.
But there is no cut-and-dry answer to the question. Therefore, our response when people ask us how much they’ll need for retirement is not what most expect to hear.
“You tell us,” we say.
The fact is, how much money you need for retirement depends on the lifestyle you want when you retire. And that requires asking yourself some questions.
Do you want to live in your current home, downsize, or move to a more pleasant climate? Are you planning to drive a similar car or splurge on that rebuilt 60s classic you’ve always wanted? Are you looking to travel more often and, if so, to where?
And those are the easy questions. Harder discussions involve how you plan to pay for healthcare, at what age you will begin drawing Social Security benefits, who else depends on your income, and how much debt you still have.
Only with answers to those and many more issues could we begin to project how much money you’ll need to set aside for retirement. So don’t be surprised when a professional financial advisor responds to your how-much-money-will-I-need-in-retirement inquiry with a list of questions for you.
The good news is that collecting answers to those questions enables your financial advisor to help you begin budgeting for retirement. So while we can’t provide a one-size-fits-all solution to determining how much you’ll need when you stop working, we can help prepare you to answer the question for yourself.
“Dan has an outstanding reputation throughout multiple northwest Ohio counties,” stated J.R. Toland, president and CEO, Savage. “We are thrilled to have him on board, and this now gives clients even easier access as we expand to our fourth location.”
Savage and Associates has hired four college students to join the advisor internship program this summer which provides formal training, access to mentors, opportunity to acquire professional licenses, and other valuable experiences.
Savage and Associates announced the addition of three advisors to its team, bringing the total number of associates to its highest level in company history:
Known as one of the nation’s most prominent and respected speakers in the health care industry, Bradford Koles, vice president and national spokesperson, Advisory Board – a best practices firm helping health care organizations worldwide – will speak on the current and future status of the industry, Wednesday, April 1, 2020 from 8:30 to 10 a.m. at The Pinnacle in Maumee, Ohio, sponsored by Savage and Associates.
Congratulations to Savage’s own Curtis Frisch, CFP®, for earning yet another professional designation. He achieved his ChFC® (Chartered Financial Consultant) designation from The American College of Financial Services – the leader in financial services education.
For the second time in four years, 
