Helping You and Your Employees Plan for the Future
How Much Do I Need To Save For Retirement?
According to the Social Security Administration, the average person can expect to live to be around 85 years old. Assuming that your target retirement age is 65, that means you will need to plan for at least 20 years of retirement.
Most people will need somewhere between 80-100% of their annual income to keep up with the cost of living in retirement. In order to get a ball park idea of how much you’ll need to fund your retirement, take your annual household income and multiply that by 20 years.
The average household income is around $74,000. If we subtract the average Social Security income amount of $16,000 that means you would need $58,000 per year to pay for retirement. That’s a total of $1.3 Million dollars needed for retirement. If you have a working spouse, that has paid into Social Security, that number goes down to around $930k.
401k Plans
Next to health care, most employees consider a retirement savings plan the most important piece of their benefits package. In addition to helping you build for the future, a retirement plan can help you attract and retain employees and may also offer tax advantages.
We can help you develop a comprehensive financial strategy that encompasses the needs of not only your business and employees, but also of you and your family.
Business owners have several options that they can choose:
Next to health care, most employees consider a retirement savings plan the most important piece of their benefits package. In addition to helping you build for the future, a retirement plan can help you attract and retain employees and may also offer tax advantages.
We can help you develop a comprehensive financial strategy that encompasses the needs of not only your business and employees, but also of you and your family.
Business owners have several options that they can choose:
Individual Retirement Plans
There are many different savings vehicles designed to help you prepare for one of the most important financial goals you’ll ever have – retirement. Whether that time is quickly approaching or still several years away, let our team of experts help you take a closer look at how individual retirement accounts might meet your needs.
Options we can help you consider are:
