401k Rollover

Part of planning for a better retirement includes figuring out what your future average living expenses would be and how much you will need to cover those expenses.  The chart below will help give you an idea of how living expenses would increase at a 3% inflation factor.

It’s never too late to start a plan and strategize to reach your income goals.

Need Help With A Retirement Strategy?

Ask Binh

Binh Nguyen

(832) 273-3392

admin@401krollovers.info

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Great question indeed.  My client Yvonne said to me… Binh “how much do people need to retire nowadays?”  I said it really just depends.  I wish there was a simple answer to that question.  I said, “it really is different for everyone because of so many factors.”  I said well, let’s start off by finding out how much longer you’ll be paying on your mortgage.

The biggest expense for most families is their home.  The fact that many Americans will still have a mortgage after the age of 62 is pretty scary.  Let’s say your mortgage payment not including property taxes is $1000 for a $200,000 home.  This alone would mean you would need a minimum of $12,000 in additional income saved up for each year you still own on your house.  With families constantly refinancing their loans and extending it to another 30 yrs, it’s no surprise that seniors are still in debt up to age 80+.

Let’s do some simple math.  Someone refi’s for a 30 yr loan at age 50.  By the time they are 60, there’s still 20 yrs left and if we only calculate the $1,000 for principle and interest, that’s over $240,000 in extra retirement savings needed.  That’s not even including everyday necessities such as healthcare, food, groceries, utility bills.

My client Yvonne’s estimated living expenses assuming she has no mortgage, would be $2,000 starting at age 60.  She anticipates living to at least 90 because of her excellent health and longevity within the family.  I mentioned to her that she’ll need about $720,000 in current dollars now for her retirement.

Are you on track?  Feel free to leave comments and share how much you anticipate you’ll need to retire and what age you plan on doing so.

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Need Help With Your Retirement Calculator?

Ask Binh

Binh Nguyen

(832) 273-3392

admin@401krollovers.info

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