Worried About the Future? You're not Alone

Worried About the Future? You're not Alone According to a recent survey, even the wealthiest Americans believe they need more money to secure their future - $2.3 million, on average1. Everyone wants to feel financially secure. The question is, how do you determine what it will take to reach that point, particularly when it comes to retirement?

Run the numbers
The first step is to calculate how much income you will need to live comfortably and pursue your lifestyle goals. This means taking into account a number of factors. For example, based on your health and family history, how long do you expect to be retired? How much should you expect to spend on health care? Most experts suggest that you will need 70 to 80 percent of your pre-retirement income in retirement. This may be a good place to start, but a more detailed calculation will give you a more realistic idea of your needs.

Devise a strategy
Next, identify all available sources of income and estimate the future value of your savings. For example, what is the value of your current savings and investments, including retirement plans? How long do you plan to receive income from part-time or full-time employment? What role will Social Security benefits play in your financial strategy?

Finally, determine how long your savings will last based on your anticipated length of retirement, desired lifestyle, and investment growth assumptions. Do you need to adjust your portfolio in order to meet your needs?

Regardless of your net worth, planning for a long, comfortable retirement can be intimidating. Taking the time to map out a personalized strategy might be the key to funding the lifestyle you've always dreamed about.

1) BMO Private Bank / Pollara Online Survey, 2013

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