People are more concerned about attaining their retirement objectives now than before the COVID epidemic outbreak. According to a 2020 Equitable Consumer Pulse Survey, over two-thirds of individuals polled say they have at least some concerns about maintaining their lifestyle after retirement.
Budgeting for retirement is the best way to ease retirement anxiety. By planning your finances far in advance, it’s possible to gain a sense of what you’ll need in retirement and whether or not you’re on schedule to save enough money to cover those needs. Let’s suppose you don’t know where to begin. Here are a few suggestions for you.
1. Make plans for your future
Even if you don’t know precisely how you want to spend your golden years, it’s never too early to start planning. Most individuals would like to continue their current lifestyles (at the very least). For you, what does it entail? It’s important to discuss your retirement plans with your spouse or partner, especially if you’re nearing or already in retirement. Afterward, you should consider how much money it will take to accomplish those goals.
2. Gather all of your documents
Use your current costs, invoices, pay stubs, and tax returns to get a head start on creating a retirement budget. Essentially, pay close attention to how and where you’re spending your money today – this will help you envision your spending patterns in the future. If you have these documents, you may begin predicting your retirement income and costs.
3. Make a list of necessary expenditures
Begin by compiling a list of all of your anticipated retirement costs. When you retire, these are the expenditures you’ll continue to pay on a monthly, quarterly, or yearly basis. Mortgage or rent, different kinds of insurance, and utilities are all examples.
4. Consider how much it will cost to live the lifestyle you choose
How you want to spend your time and money will determine how much money you’ll need. You’ll have to factor in the cost of a new automobile every three years (if that’s what you desire). In addition, if you plan to dine out at least twice a week, include that in your weekly budget. Estimate those critical-but-variable costs, including potential rises in inflation, by taking time to reflect on your daily routine. You may also want to include the cost of auto payments, medical expenses, long-term care insurance, and pet expenses.
5. Entertainment expenditures
You should include non-essentials like entertainment, travel, presents, classes, and other social activities. Airfare is necessary if you want to see your loved ones often, especially if your kids and grandkids reside across the country. Your club dues, lessons, and clinics may be necessary if you want to keep playing tennis or golf. Think about how much time and money you’ll be spending on certain hobbies.
Contact Information:
Email: [email protected]
Phone: 3604642979
Bio:
After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely withhelping them pursue the most comfortable financial life possible.Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.Aaron can help you and your family to create, preserve and protect your legacy.That’s making a difference.
Disclosure:
Disclosure:Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice filed, or is excluded from notice filing requirements. BWM does not accept or take responsibility for acting on time-sensitive instructions sent by email or other electronic means. Content shared or published through this medium is only intended for an audience in the States the Advisor is licensed in. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.Confidential Notice and Disclosure: Electronic mail sent over the internet is not secure and could be intercepted by a third party. For your protection, avoid sending confidential identifying information, such as account and social security numbers. Further, do not send time-sensitive, action-oriented messages, such as transaction orders, fund transfer instructions, or check stop payments, as it is our policy not to accept such items electronically. All e-mail sent to or from this address will be received or otherwise recorded by the sender’s corporate e-mail system and is subject to archival, monitoring or review by, and/or disclosure to, someone other than the recipient as permitted and required by the Securities and Exchange Commission. Please contact your advisor if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. Additionally, if you change your address or fail to receive account statements from your account custodian, please contact our office at [email protected] or 800-779-4183.
