A question we get asked frequently, is how much should I be saving for my retirement? It is a straightforward question with no easy answer. Every person and family is unique and it is important that a financial plan is customized to your goals and life aspirations. There are a number of questions to consider outside of the simple calculations entered into most of the retirement calculators out there. Calculators can give you a basic understanding of where you are today, and what it might take to get to where you want to be. Below are a few of our thoughts on these online tools.
- They are simple and free to use!
- They are easy to find on the internet and you can try out different calculators.
- They work! Some better than others, but you can see the time value of money invested and how much you might need to meet a specific target.
The Not So Good
- They are often too simple to handle your family and tax situation
- They can’t fluctuate your income levels throughout retirement. Do you want to travel for a few years or every year? Will you spend less as you age? What about assisted living expenses if required?
- They generally do not incorporate an estate plan? Do you want to leave money for your children or charity? Is that an inflation protected amount?
- They are only as good as the assumptions you make and the background configurations built into the calculator.
We fully embrace the use of online tools, and we believe that it is important for you to be educated about wealth and planning.
We also believe it is important to complete a thorough analysis of your positon today and where you want to be in the future.
Your life, family situation and goals are all unique, ensure that your financial projections are tailored to fit your needs.
We can help!
Contact us today