How Much is Enough?
A Dedicated Focus on Your Retirement Needs
How much is “enough” to ensure you will not outlive your income in retirement?
For years many financial services firms led consumers to believe that “enough” was a finite number – once and done, your number would carry you to and through retirement. Others proposed a rule of thumb – 80% of your pre-retirement income on an annual basis would get you where you need to go. However, the bursting of the housing bubble in 2008 and the ensuing economic crisis quickly pointed out something we understood all along – these overly simplistic calculations are highly flawed.
In reality, “enough” is very personal. Determining how much is enough to achieve both your income and legacy goals relies on a highly sophisticated and ongoing process that considers:
- Your personal circumstances and spending needs
- Changing market and economic conditions
- Legacy and estate planning goals
- Changes in your health and lifestyle over time
Getting to “enough” requires a comprehensive analysis of these and other factors. It involves weighing multiple personal, economic and investment scenarios to test the viability of recommended strategies and their anticipated performance under changing conditions and circumstances. Perhaps most importantly, it requires consistent and ongoing monitoring of your personal plan and strategy to ensure you remain on track toward your goals.
At Graystone Partners, our retirement planning process is a highly sophisticated and disciplined approach to helping you pursue your lifestyle goals now and in retirement while seeking to ensure 1) your income lasts the duration of your years in retirement and 2) you are able to pursue your legacy goals with confidence.
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