Perspective Advantages

Retirement Planning in Uncertain Times: Do I have enough? 6 Things to Consider Uncertain times don’t have to bring uncertainty to your retirement planning. Staying intentional about your preparation for retirement in the face of short-term market volatility will go a long way in helping you achieve financial security and peace of mind as you prepare for and transition into your “Golden Years.” When trying to answer the question, “do I have enough to retire?” we recommend focusing on 6 important considerations. Consideration #1: Take All Anticipated Expenses into Account Analyze the expenses you’ll encounter after your retirement. We group our clients’ expenses into 4 distinct categories: Non-discretionary: Fixed-type expenses that are required for general living. These include housing costs, insurance, gas, groceries, utilities, etc. Discretionary: Fun type expenses, but optional, expenses like entertainment, travel, and hobbies. These can be cut if needed, but you’ll likely want to indulge when the margin is there. Extraordinary: Big-ticket expenses that are typically a one-time purchase. This would include a new car, a boat, a trip, a unique experience, etc. Taxes: This breaks down into two major categories: income and property taxes. The amount you’ll owe for annual income tax could differ significantly […]