Will You Have Enough in Retirement?

Will You Have Enough in Retirement?

Are you starting to get closer to retirement? If so, have you taken the time to sit down with a professional wealth manager or advisor to discuss your financial outlook? Or, perhaps, you’ve largely ignored retirement and haven’t thought about how much it will cost to live from month to month when you do call it quits. Retirement can be a very gratifying time in your life, but if you don’t plan for it, it can be the complete opposite: a huge headache. If you still haven’t taken the time to consider how much money you will need when you walk out of the office for the last time, then now is a good time to start.

Are You Ready?

When it comes to retiring comfortably you will need to consider a lot, including all the various expenses you are going to have. In fact, the two basic questions you must ask yourself are how much you will need to continue living the current or desired lifestyle you have in retirement, and how much you will be able to save. In addition, there are other important aspects to keep in mind when you start getting closer to retirement because of course, you can’t predict everything that’s going to happen after you leave the workforce for good.

Expect the Unexpected

There are several life events that could leave you totally unprepared for life in retirement. Let’s look at some of the most significant. Losing Your Spouse – Although death is inevitable, no one is ever ready to lose his or her spouse. However, it can complicate matters even more if you were counting on your spouse’s income during retirement. With that money unavailable, you will have to come up with another way to save enough now. Divorce – Like losing your spouse to death, divorce can also be very costly to your retirement plans. Not only will you lose the comfort of two incomes, but if you are the primary breadwinner, then you may be required to pay some portion of your income to your former spouse on top of child support, if applicable. This could greatly limit how much you can save for retirement. Losing Your Job – While you might be properly planning for your retirement, what happens if you unexpectedly lose your job? Would you be ready to survive without that income? If you can find another job with a similar income, then you should be ok. But what if you can’t, or it takes a couple of years to get back on your feet? This could hurt your ability to save, which means you will have less in retirement, or you must work longer to reach your goal.

Declining Stock Market

Many retired people rely on income from the stock market to help get by after they quit working. But what happens if the stock market crashes or takes a continual dip down over a long period? This could also greatly affect your ability to save for retirement. While retirement can be a blissful time focused on hobbies, family, and travel, there are many aspects that can affect the lifestyle you imagine for yourself. Take the time now to consider those aspects, and prioritize making a plan for unexpected events.

We hope you found this article about “Will You Have Enough in Retirement?” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

To receive our free newsletter, contact us here.

Subscribe to our YouTube Channel for more updates.

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

GROCO.com is a proud sponsor of The American Dreams Show.

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.