There are a variety of retirement calculators available on the web with which you can calculate this yourself if you have the confidence and time to do this, but the truth is that most of these are unable to take in to account the specifics of your particular circumstances. The most important part of this calculation is a single data input – your living expenses. How much do you spend now? How much do you want to spend in retirement? You’ll also need to know inputs such as your household income, your current asset values, an expected rate of portfolio growth, and an assumed inflation rate. The formula itself is relatively simple, but there are complicating factors: Is there longevity in your family? What if you become disabled?
4Thought has analytical tools that we use that help us to prepare for any surprises – good, bad, or ugly – and take precautionary steps, as well as to adjust retirement plans in progress as necessary. Please contact us for information on how we can take you through this process.
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