Welcome to the Blue Waters Financial Group blog. We believe you should do what you want to do when you retire. This space will be dedicated to topics that revolve around retirement income planning and what you should be doing now to ensure you will have the freedom to enjoy life after retirement.

With this in mind, let’s dive right into a question that everyone considering retirement asks: Will I have enough?

How much a person needs to retire varies. Experts all have differing opinions ranging from 80-90% of your current income per year to $1 million. Some even say you need 10-12 times your current income as a nest egg. The truth is that the answer is different for everyone and depends on a number of factors when deciding how much you need to have saved to retire. While having a total amount or percentage as a goal is helpful, it can’t be the main focus of retirement planning.

One thing we suggest is that you have an idea of how much you will need annually to live your ideal retirement life. Take the. Amount that you currently live on and then decide what factors will change once you have stopped working. Budget what you think you’ll spend on healthcare, food, transportation, housing, and other needs, and then consider if you’ll have fewer or additional expenses in retirement. For example, do you plan to travel of pursue activities that will cost money you currently aren’t spending? Will you be living in a cheaper or more expensive home after retirement? How flexible do you need your income to be during retirement? These are factors to consider when you’re calculating your annual retirement income.

Next, you’ll need to consider what income sources will be contributing to your retirement income. Social security, personal retirement accounts, investments, and cash save will all provide you with the money you’ll need to sustain your lifestyle when you stop working.

Now is the time to decide if you’re saving enough. Sitting down with an expert to evaluate your progress before you retire will not only help you save enough, but it will also give you the peace of mind to choose when and how you retire. This will be important to the next step, which is putting your income to work for your after you officially leave your career behind.

Figuring out the nest way to make your savings stretch over the nest 25-30 years cannot only be confusing, it can also be overwhelming. This is where Blue Waters Financial Group can help. Our mission is to provide insurance products that can provide a steady and reliable income stream for the rest of your life, while creating opportunities for long-term growth. We can help you fit your unique financial situation and goals in a financial strategy that is designed to put you on the path to the retirement lifestyle you want.

In these uncertain, people are craving certainty when considering retirement. Income is the outcome that matters most in retirement security and the biggest fear is running out of money after retiring. Blue Waters Financial Group specializes in asset protection with a focus on distribution and income.

It never hurts to review your current retirement income plan. We invite you to schedule a time to discuss your financial future and the possible role of insurance or investment products in your financial strategy. To schedule your no-obligation meeting, just click on the link below or call us today at 704-790-2583 (BLUE).