Retirement Woes

Good Morning!


Doesn’t it seem that time is moving so fast? I could’ve sworn it was still January if it wasn’t for social media. With that being said, it is always a good idea to stay mindful of the present but not lose sight of the future/long-term plan. USA Today published an article about retirement needs that provides good information about how we should think about/prepare for retirement. Some of the key focal points mentioned were: 


1.    Life expectancy varies but is based upon current/past health conditions, but planning for 30 years in retirement is a reasonable estimate


2.    Most retirees spend about $46,000 a year in retirement with the largest monthly expenses being housing, healthcare, and food


3.    Social Security and Pension Plans make up a bulk of the retirement income


This article does a good job at highlighting some items to keep in mind along with providing a link to an online retirement calculator. The additional income solutions provided by the author are legitimate, but the one worth remembering is withdrawing less when investments experience a down year. By cutting down the redemption percentage on your retirement account you give yourself time to make up that loss. This is probably the simplest way to limit the damage done by a downturn in the market besides shifting to a more conservative allocation.


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