Monthly Archives: August 2015
Liza Horvath, Senior Advocate: The best places to retire
Monterey County Herald
The great recession hit many baby boomers late in their careers, derailing retirement plans and, according to the AARP, shredding savings. A quarter of Americans age 50 and older exhausted their savings completely. Plans for retirement have been …
Heading into retirement can be a very scary thing for a lot of people, as they do not really know what to fully expect. It is important to make a thorough financial plan and get everything set in stone before you make your move. You should account for the unknown and make sure that you have a great deal of leeway in case something bad were to happen that required a great deal of money, such as unforeseen hospital expenses due to an injury, or a financial blow.
Although you may think that you have things under control, have accounted for all expenses that you are likely to incur and have come up with a financial timeline, you should still talk to a professional and get some help at making a plan. There are unexpected expenses and extra things that can come into play; the best way to check all of your bases and make certain that you are going to have the finances you need to support yourself, as well as maintain the quality of life that you want to set out for yourself, is to speak with someone that can go over your finances and work out a detailed plan with you.
This generally consists of going over all of your assets and all of the income streams that you will have once you retire. This is going to be compared to your overall age, as well as any debts that you may owe. Your entire financial standing should be evaluated, as this is the only way to get a truly accurate portrayal of where you are at financially. Therefore it is the only way to accurately prepare for the future, so do not take this step lightly. There is nothing worse than retiring and realizing later down the line that you are not going to have enough money to support yourself in your later years, as has happened to countless people, especially since the economy tanked in 2008.
The general rule of thumb when you are trying to plan out a budget for your retirement years in life are to have 5 to 10 times the amount of money that you truly feel you will need. This will give you ample money to account for unexpected expenses that you are likely to be inflicted with at some point in your life and will relieve a lot of stress knowing that you have money to cover such things.
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