TJ Weir - Financial Advisor

How much money will you need in the future?

A down market can really put this question in the front of your mind. It can sometimes be hard to grasp “saving for retirement”. So, let’s work backwards. How much money will you need?

Let’s use round numbers for an example:
What you will live on in retirement - $50k per year
When you retire: 60
Life expectancy: 85

How much money you will need: $1,250,000

That money can come from a variety of things – 401(k), IRAs, social security, etc. But to not outlive your money in 25 years of retirement, spending $50k per year, you’ll need over $1 million.

Don’t wait to put together a comprehensive financial plan. The earlier you start, the easier these conversations are when you reach retirement.

Understanding what you spend, what you need to save, and how life changes affects those decisions along the way is crucial to a sound financial plan that sets you up for success.