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Helping Expatriates acheive their long term goals for retirement!
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Date: Tuesday, November 03, 2009
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Description: Who is responsible for creating the RETIREMENT lifestyle you want??
Picture yourself at retirement age and you have done nothing to save towards retirement. If this were today could you stop work right now? Therefore if you don’t do something about it today the answer will be the same at your real retirement age.
In essence retirement is looming, you are heading towards retirement you are unsure of what is available currently as there has been many changes in the retirement legislation over the years. Maybe you would like to know just what you can do with what you have got. You need to know what your retirement options are.
Retirement is a concern to all of us as we would all like to stop work at some point. Will you be able to stop work and have enough money? It is often easy to see a pension plan as another financial outgoing. The truth however is rather different because the importance of retirement planning and saving has never been greater than today.
The longer you have until retirement the better your chances of achieving your goal. The later you leave it the less likely you will achieve your goals. Some of us dream about traveling. Others look forward to reading books, visiting grandkids and tending to gardens. But there's one thing that unites our respective retirement dreams: the need for money.
We would all like to stop work tomorrow which is a common answer when we have asked people. The reason we do not is always money. You need to ask yourself: When would I like to Retire? How Much Income Would I Need? How Much Can I afford to Start Saving TODAY?
How much? As a general rule, financial experts recommend individuals amass enough to replace at least 70 percent of their pre-retirement income once they retire. For someone who makes $100,000 per year, that's $70,000.
Others push that figure higher. When the Employee Benefit Research Institute polled retirees, 55 percent of them said they needed an annual income equivalent to 95 percent of their pre-retirement earnings.
So let say you are currently earning $100,000 and in retirement you need a minimum of $95,000 to continue your way of life or to achieve your vision of a retirement lifestyle. If the markets returned an annual income on your savings of lets say 5% this means to retire you will need to have saved $1,900,000.
If you are under 40 now, the good news is that you have another 25+ years left to retirement, the bad news is that you also have 25 years of inflation to effect how much your money will be worth in 25 years time.
So to calculate your required savings adding a compounded inflation over 25 years, the actual figure you would require to retire on $95,000 a year will be…… $3,344,000…
Nobody is going to give you this magical pot of money when you retire!!! Who is responsible for providing a comfortable retirement lifestyle??? When do you think the best time to start saving towards this goal would be?
For a FREE Unbiased Pension Consultation contact 03618858858 or stevepchadwick@live.com we look forward to helping you build towards your retirement.
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