TIME is MONEY. At least that's what people with plenty of time and no money say! However, if you've reached a point in life where time has now become more important than money but you're just not sure if you can afford to retire, let's talk. It may not be as far off as you think.
Most financial planners suggest, retirees will need about 70% of their current income to maintain the same standard of living. Your retirement income, whether it comes from pension, social security, or IRA withdrawals will not be subject to Social Security or Medicare Taxes.
That equates to 7.65% of your income now. Also, you no longer need to "SAVE" for retirement, IN retirement. So, whatever you've been socking away in your 403 (b), you won't need as income. A carefully thought-out retirement budget is critical to get a clear picture of how much you will really need to live your best retirement.
For more tips and strategies, check out our upcoming workshops at www.FRSWorkShop.com or give us a call at 386-299-2893.