Planning for Retirement
Often I am asked how much money is enough for retirement?
On the surface, it’s a simple and logical question but in reality it’s quite complex. Almost always, the answer is “it depends.”
When are you planning to retire? Age 50? 60? 75? Never? Where are you going to retire? Manhattan? Orlando? Rural Oklahoma? It makes a big difference. Most people would agree that it takes more money to retire in Manhattan than Oklahoma. But what if you have a cheap rent controlled apartment and no car.
In general, most people have an exaggerated idea of how much money it takes to retire and don’t fully appreciate the size of their resources. Sometimes I come across people who face a hopeless situation.
But more often, I talk to people who are unnecessarily worried and don’t realize how large their Social Security and pension or 401-K are.
Their concerns are not harmless; they can lead to bad decisions.
The first step to a good retirement is a realistic assessment of your spending needs and a full tally of your resources. Neither task is simple.
If you are confused and concerned about retirement, we can help.