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What is Retirement Planning?

Do you know that many Americans will be forced to work part time after they "retire" in order to live comfortably? However, by doing some careful retirement planning now - years before you retire - you may be able to enjoy the retirement you've always dreamed of!

You can plan more effectively for retirement by avoiding the following obstacles:

1. Don't wait! Plan early; long before you actually will retire.
2. Don't rely on Social Security! Analysts predict that by the year 2029, there may be no more Social Security unless we act now.*
3. Save more than you think you'll need! The average savings per individual is under $3,000 a year - not nearly enough.
4. Don't underestimate the length of your retirement! Chances are you'll spend approximately 18 years in retirement.

How much income will you need?
The answer to this question depends mostly on the amount of income you earn in your pre-retirement years. To determine the amount you should plan on, calculate about 70 - 80% of pre-tax income you earn at the final stages of your career. Below are the sources that will make up your retirement income:

Traditional Pension - approximately 30% of your final salary

Social Security - approximately 1/3 or less of what you need

Personal Savings - including checking/savings accounts, stocks, bonds, IRAs

As you can see, personal savings will make up over 30% of your retirement income - or even more! So don't put off your retirement planning another minute. Call Gennuso Financial Group at 630-963-7629 today!
 

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