Securing Your Future

Will I Have Enough to Retire?

As people approach retirement, they often wonder, “Will I have enough to retire?” Various factors contribute to the answer. Consider your income and your retirement age, as well as your retirement lifestyle. 

Additionally, you should factor in the rising healthcare and living costs. People are also living longer thanks to medical advances. Therefore, people plan for longer retirement periods than they did in the past. Various retirement professionals provide retirement savings guidelines. However, how should you decide what is best for you? Your retirement strategy can be tailored to suit your particular needs and situation.

Putting A Retirement Budget Together

Expenses must be considered in answering “Will I have enough to retire?”. When meeting with clients, we discuss their anticipated retirement expenses.  Knowing how much money you’ll need to live comfortably in retirement is important.

You can estimate your income and expenses by using an online retirement income calculator. Include your day-to-day living expenses, including food, housing, and health care. When calculating expenses, remember to account for “extras”. For instance, maybe you would like to travel more, pay off your mortgage, or donate to charitable organizations. Also, it is necessary to have extra for unforeseen events or emergencies.

grandparents on the beach with their grandson will i have enough to retire warwick ri
group of happy friends with sparklers will i have enough to retire warwick ri
The Impact of Inflation on Retirement

Taking steps now to save for retirement involves looking ahead. It is also necessary to account for future inflation and your life expectancy. 

U.S. inflation rates historically average around 3% per year. The numbers are modest, but should not be ignored. The cost of goods (food, transportation, healthcare, etc.) would roughly double with a 3% increase over 25 years. At age 90, a retiree on a fixed income would have half their purchasing power. 

If inflation averages 3% per year over the next 20 years, you will spend $181 to buy the same things you can today with $100. Using the purchasing power of the dollar means that $100 today will be worth only $55.37 in 20 years. GPS Retirement can guide you based on your specific situation and answer your question, “Will I have enough to retire?”.

Take Steps To Protect Your Retirement Income

In today’s economy, most companies do not offer pensions. Currently, federal employees must contribute more to their pension plans than they did in the past. Retirement payouts for many people are considerably lower than they expected. In addition, markets and mutual funds are high-risk options. A market crash may also drastically reduce your earnings. Using our approach, you may be able to protect assets while providing a reasonable return**.

In order to prevent losses and ensure a comfortable retirement, it is important to protect your principal.

GPS Retirement offers fixed index annuity products with optional benefits.

You need to make plans for the future. And, we can help you save with confidence for your retirement. Feel free to contact us for a no-obligation, no-cost meeting. Also, we invite you to an educational dinner seminar at no cost you.

Scroll to Top