How To Determine What You Need For A Comfortable Retirement

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

It's one of the most common questions people ask when it comes to retirement, and certainly for good reason - "how much money will I need?" While we wish we could offer an exact number, the truth is that the amount that's necessary for you probably won't be the same as your best friend or your neighbor, as everybody's circumstances vary!

To determine how much money you'll need to live comfortably, start by thinking about the following:

• Your monthly expenses. Start by itemizing your current monthly expenses and see how much money is currently coming out of your account. Then, figure out if any of those expenses will be gone by the time you retire - for example, if you pay off your car, you'll no longer have a car payment. Estimating how much you'll need to cover your bills each month is the perfect first place to start when determining how much retirement income you'll require.
• Your living situation. Where do you hope to live when you retire? Do you plan to stay in your current home or do you have dreams of packing up and heading to a popular retirement destination? If you hope to buy or rent a new home, you'll want to do some research to learn about the typical cost of living in that area.
• Your recreational activities. Working a steady job can make it difficult for you to do all of the recreational activities you dream about, such as traveling. If you hope to use your freedom during retirement to finally do these things, you'll need to factor the cost of such into how much you're required to save.

So what's the next step after you get an idea about how much retirement will cost you? Meet with a financial planner, of course! When you sit down with a member of the American Investment Planners LLC team, you'll start to realize just how valuable having a professional by your side is! We'll learn about your long and short term financial goals as well as your investment philosophy so that we can develop a retirement savings strategy that results in you having exactly what you need.

To learn more about our retirement planning services, please call (516) 932-5130 today.