People retire at various ages. The question is, do you have enough to maintain the lifestyle you want for a retirement that could last 30 years or more? Your income in retirement may include your retirement savings plus income from guaranteed sources like Social Security benefits, a pension and annuities – the latter which can provide you guaranteed income for your lifetime. Find out more about the benefits of annuities from your advisor.
Savings needed for retirement varies from person to person. To estimate a set amount, you may want to consider:
- The rate of inflation
- Your current salary
- Salary increases in the future
- What you’ve already saved and what you can save before you retire
- The lifestyle you want to live in retirement (this includes your expenses such as health care, housing and travel and entertainment)
Your retirement income can come from a variety of sources, including:
- Employer-sponsored retirement plans, like a 401(k) and 403(b)
- Individual retirement accounts (IRAs) which can include traditional and Roth IRAs
- Employer-provided pension plans
- Social Security benefits
- Life insurance that builds cash value
- Personal savings
- Continued employment
Planning for retirement can help you prepare financially for the costs of daily living and unexpected expenses, as well as the lifestyle you want to live when you don’t have to work. A professional KPP advisor can help review your retirement plans and start a savings strategy.
Life insurance is a way to leave an income tax-free death benefit to those you love and/or the organizations you want to support after you are gone. It can also provide the opportunity to build cash value through a fixed interest rate or participation in the market.
Strategies using certain types of life insurance can help reduce your taxes. Ask your advisor how you can ensure your loved ones receive as much as possible after you are gone.
Though Social Security payments can provide an income base for retirement, Key Planning Partners offers solutions that can help cover any gaps with a reliable and secure source of income. Talk to your KPP advisor about ways to receive lifetime income in your retirement.