The 2 Most Important Targets for Determining Your Retirement Income Number!

Описание: The 2 Most Important Targets for Determining Your Retirement Income Number‼️

I talk to people every day about retirement 💰

One of the areas I focus the most attention on is determining how much #retirementincome people need ✅

I ask people the question:

"how much income do you think you'll need on a monthly basis to live the lifestyle you want to in retirement?"

This question is often met with a lot of uncertainty...

And I think that's normal 👍

It's hard to know exactly how much income you're going to need in #retirement 🤔

Retirement income planning is often a range with built-in flexibility, but I really think you can break your income targets into 2 categories:

✅ What you "have to" each month in retirement

This is the non-negotiable income you need to pay bills, buy food, pay for healthcare, etc. 💵

This is a number that you "have to have" every single month 😅

This to me is the income floor❕

Maybe, #socialsecurity is enough to cover this need or maybe you need a little more

The second number is:

✅ What you "want to" have each month in retirement

This number factors in vacations, going out to eat, country club memberships, new vehicles, etc. 🏖️ 🍷 ⛵️

This is the number allows you to live the lifestyle want in retirement 😎

That doesn't mean you have to have all of your income "fixed", using something like an #incomeannuity or a #pension 😒

But, it's usually a good idea to have enough fixed income to at least meet your basic expenses every month 🤩

And then if you want the peace-of-mind to not have to really worry about the stock market in retirement…

You can certainly create an income plan that creates enough #guaranteedincome to ensure you can do the things you WANT to in retirement 🥳

There is a lot to consider, but I believe having a solid #incomeplan in retirement allows you to really ENJOY your retirement ☀️

And it eliminates the risk of ever running out of money in retirement 🙌

Let's chat 💬😎