TIME IS TICKING AWAY!
If you retire today, could you live off of the money you’ve saved for 22 years? Could you maintain your current lifestyle? Nearly every study indicates that a large percentage of people, including high earners, do not have sufficient money to maintain their lifestyle for the course of their approximately 22 year retirement.
If your retirement is just around the corner, you might be concerned about how to manage your costs while still enjoying the lifestyle you envisioned for this new chapter in your life.
And who can blame you? In this day and age, retirement is far from simple. Even if you’ve done everything right — saved enough, diversified your income sources, taken control of your budget, and prepared a retirement income strategy — you might still be worried.
Contrary to popular belief, spending does not drop at retirement, but is merely spent on different things like medical expenses. For example, research indicates that 85% of all medical expenses occur in retirement. It is very possible for people, even high earners, to outlive savings and become reliant upon a family member for financial care.
Other than the retirement accounts, you may have other assets that can potentially help you to support your lifestyle in retirement. The financial assets you may possess may be a life insurance with cash value or an annuity. Protecting your earnings is critical to insuring your ability to save for retirement. Due to contribution limitations, traditional retirement plans alone are typically insufficient for high income earners. If you want to maintain your lifestyle in retirement, you need a proactive strategy that puts more money toward protecting your future income without putting a drain on your current finances.
DQ Tax Service provides comprehensive planning to help you pursue a lifetime of financial fitness.
| ACT TODAY! Call us at 443-690-8648 or email usdqueen@dqtaxservice.comWe can discuss this topic and more in person at a complimentary appointment. Here at DQ Tax Service we can give you a review and make suggestions based on your retirement objectives. |
