How much money will you need to live comfortably in retirement? It depends on what you consider living “comfortably,” along with many other factors. Some advise that in order to maintain the lifestyle you become accustomed to while working, you’ll need the equivalent of about 80 percent of your pre-retirement salary. Your number may be less, or it may be more. The only way to know for sure is make a plan for retirement – the sooner, the better.
A Tampa CPA from Reliance Consulting, LLC, is here to help you make that plan. Since opening our doors in 1984, Reliance has helped thousands of individuals maximize their finances, including detailed tax planning, budget planning, estate planning, and retirement planning. The factors that figure into a sound retirement plan include:
- Retirement age
- Life expectancy
- Health-care requirements
- Lifestyle
- Inflation
- Social security income
- Pension or IRA accounts, if any
Planning for retirement is not simple, and developing a long-term savings formula may seem daunting at first. The most important thing is to have a strategy, and to stick to it as much as possible. Contact Reliance today to get started on retirement planning, or for a complete, free financial health checkup.