How To Calculate Income Needed After Retirement
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How much money do you need to retire on? There are several factors that come into play. You certainly need to consider your health, expenses, lifestyle, and your monthly income.
In this article let’s discuss how to calculate income needed after retirement.
1. Income. How much money can you count on every month? This will include social security checks, retirement income, investment income, supplemental income, and any other sources. Can you still work? Some people want to work part time to keep busy or to make more money. Are you internet literate? You can find ways to make money online from the comfort of your own home as well. Or consider continuing where you left off by becoming a consultant in your former field. A consultant’s life has less consistent work but greater flexibility, which suits the needs of a retiree.
2. How much money will you spend each month. Start with basic living expenses that you know you will have each month such as mortgage or rent, food, utilities, insurance, charity, and so on. You will have some variable expenses as well including travel, entertainment, clothing, etc. Try and come up with a monthly budget based on past experiences, and whether you want to increase or decrease them. Be sure to budget in gifts you want to give your children and grand children as they age.
3. Health. None of us can predict how our health is going to change as we get older, but almost everyone goes through health issues as they age. Be sure you have adequate health insurance and can supplement it with Medicare and Medicaid. You might even want to purchase supplemental health insurance if you feel you are underinsured. If you live in the United States, you should be aware of the rules for each state.
4. Lifestyle changes. If you can afford it retirement is a good time to do things you have always wanted to do and never had the time or money to do before. Some people start a new hobby such as Mahjong at the retirement center. Others stay active playing golf, walking, hiking, or working out at a recreational center.
These are several things to keep in mind when you calculate how much money you need to live your retirement years. This is an exciting time for you. However, it can be challenging if you are constantly worrying about money, so plan accordingly.
Brendan Lawrence writes about money matters for retirees. In particular he enjoys writing at a Savings Bond resource.
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Category: Personal Finance