Do You Have Enough to Retire?
Generally, retirees need somewhere between 70 and 80 percent of their pre-retirement salary to maintain their current standard of living upon retirement. This includes income from company pension plans, Social Security benefits, individual retirement plans (such as IRAs, 401(k) plans, etc.) and other investments.
Do you plan to stay in your existing home or are you planning to downsize? Downsizing and relocating may provide additional cash and reduce expenses. How is your health and do you have reasonable medical coverage? When will you be eligible for Social Security and Medicare? What will supplement those benefits until you are eligible? These are some of the major concerns that need to be considered.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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