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How to Know When You Can Afford to Retire

How to Know When You Can Afford to Retire

How to Know When You Can Afford to RetireIt’s a long journey across your professional career to the promised land of retirement. One of the big questions you face is whether you’re finally ready to make the transition. Individuals have to decide when they’ve achieved their professional goals but also when their retirement income, pensions, and social security will be enough to live on for the rest of their lives.

Knowing where you stand can help you make smart, informed decisions.

Ready? Let’s dive in…

Know Your Destination

What are you looking for in retirement? Are you planning to load up the RV and drive cross country? Are you looking forward to getting away for that European vacation you’ve always dreamed of? Maybe you’d rather to sit on your front porch and watch your grandkids play? Perhaps you’ve always dreamed of turning that hobby into a small business.

Whatever your dreams are, knowing where you want to be is the first step in knowing how close you are to getting there.

Mapping the Road Ahead

Keeping the destination in mind, it’s time to realistically assess where you are now and map the income you project against your future expenses. Retirement income includes not only personal assets, income from Social Security, pensions, and retirement plans, but also any work you may intend to do in your retirement. What expenses can you expect over the course of your retirement and will your expected income be enough to cover those?

There are a number of useful tools online to help you chart the course. Much of the road ahead will be unknown to you. Your total expenses are determined in part by how long you may expect your retirement to last and how much unavoidable, but unpredictable costs such as health care may affect your journey.

RELATED POST: Are Retirement Planning Tools Really Helping You?

Consult a Local Guide

When seeking a restaurant in an unfamiliar town, you consult Zagat, seek out reviews online, or ask a friend who lives nearby. Getting professional retirement planning help early will help you reach your destination faster and can chart you through the rough patches safely. Having an experienced guide help lead you is always a wise course.

Retirement is one of life’s big transitions. It is important to have a comprehensive plan in place so that you can enjoy your retirement. Whether you want to travel, spend time with loved ones, or pursue a new passion, proper planning is a hallmark of successful retirement.

Call 419-491-0909 today to start your free retirement consultation.

Investment advisory services are offered through Virtue Capital Management, an SEC Registered Investment Advisor. Macino Financial and VCM are independent of each other. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the Commission and does not mean that the adviser has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss. Changes in investment strategies, economic conditions, contributions or withdrawals may significantly alter a portfolio’s performance. There is no guarantee that any specific investment or strategy will be suitable or profitable for a particular client. Past performance is no guarantee of future success. We cannot guarantee that a portfolio will match or outperform any particular benchmark. None of the content should be viewed as an offer to buy or sell, or as a solicitation of an offer to buy or sell the securities discussed. Information on this website does not involve the rendering of personalized investment advice, but is limited to the dissemination of general information on products and services. A professional adviser should be consulted before implementing any of the options presented.

Investment advisory services are offered through Virtue Capital Management, an SEC Registered Investment Advisor. Macino Financial and VCM are independent of each other. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the Commission and does not mean that the adviser has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss. Changes in investment strategies, economic conditions, contributions or withdrawals may significantly alter a portfolio’s performance. There is no guarantee that any specific investment or strategy will be suitable or profitable for a particular client. Past performance is no guarantee of future success. We cannot guarantee that a portfolio will match or outperform any particular benchmark. None of the content should be viewed as an offer to buy or sell, or as a solicitation of an offer to buy or sell the securities discussed. Information on this website does not involve the rendering of personalized investment advice, but is limited to the dissemination of general information on products and services. A professional adviser should be consulted before implementing any of the options presented.
The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. State registration is not an endorsement of the firm by the Commission and does not mean that the adviser has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss. Changes in investment strategies, economic conditions, contributions or withdrawals may significantly alter a portfolio’s performance.
There is no guarantee that any specific investment or strategy will be suitable or profitable for a particular client. Past performance is no guarantee of future success. None of the content should be viewed as an offer to buy or sell, or as a solicitation of an offer to buy or sell the securities discussed.
Information on this website does not involve the rendering of personalized investment advice but is limited to the dissemination of general information on products and services.