5 Things You Need to Know to Be Sure You Are Ready for Retirement
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Required Savings Rate for Retirement
Percentage of annual salary. Assume $0 of Accumulated Savings at the Beginning Age
*Assumes appropriate asset allocation for reasonable-risk investor through accumulation year. Also, assumes normal raises and, for retirement planning, an 80% wage replacement ratio at Social Security normal retirement age and includes Social Security retirement benefits. **At age 55, the person will realistically have to delay retirement until age 70. Source: Dalton, Michael A. Fundamentals of Financial Planning. Money Education, 2013.
4 Retirement planning issues you need to think about…
What do you want from retirement?
Retirement will probably be longer than you think.
Inflation is the biggest financial risk you will face.
Finally, What if it doesn’t go according to plan?
Money is a terrible master but an excellent servant.