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How much Savings and Income do you need to retire?

There is much discussion among the personal finance thought leaders,  investment corporations and the media as to how much savings and income you need to retire. There are many differing opinions and formulas as to how much savings and income you are likely to need?   Some say 100%, others say 70% of your working income. And other claim you need much less income to retire than you think. 

Usually the financial services industry asks us all "how much do you need to retire"? Well most of us don"t really know how much we need. The truth is we need almost as much income as we have now plus any lifestyle money and/or money to care for ageing parents. 

Expecting us to live on half or 60% to 70% of our income when taxes and inflation are much higher for retirees than working folks is just plain lunacy. Unfortunately we've all been led down the garden path with respect to retirement planning and pension plans.

You need much more than you think if your family has parents that live to the ripe old age of 100. Most everyone in our business has clients that are 98, 99, 100+. The financial service industries and provincial government's are not ready to deal with 285% increases in the number of over 85's by 2051.

WHAT INVESTMENT POLICY IS RIGHT WHEN OUR OLDEST CLIENTS ARE LIKELY TO LIVE TO 108 OR 110? IF THERE IS NOT ENOUGH GROWTH OR INCOME ON THEIR SAVINGS ARE WE NOT HARMING THE FAMILIES ABILITY TO CARE FOR THEIR PARENTS?

Anyway enough of this...there are many nuances to this discussion and its unique to each situation. This raises many questions about taking investment risks that you never thought you may have to consider. Especially with the lower growth and rates of return the investment industry is projecting may happen when combined with an ageing population.

Lets cut through the noise. Based on actual observed incomes of retired clients they have $3000 to $10,000 per month of gross income. (After this years health care, property tax increases, and travel cost increases the $3000 per month might go up to $4000 per month.) They also have various, real estate, savings, and investments ranging from $200,000 to $1,200,000


Would'n you like to know how much you will need to retire?  We can help you EXPLORE  and understand these issues and consider your options contact Agile Financial Services today at 289 338 0543

Check out our retirement planning information here.

 

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