Most people underestimate the costs of retirement but a good rule of thumb to measure how much you would need in financial security is to take your current income and multiply that by x10. With that amount of money saved, invested, and the value of entitlements from Social Security and Medicare a person may be able to maintain a reasonable facsimile of their current lifestyle. The sooner one begins taking advantage of tax-advantaged investment vehicles such as 401K’s and IRA’s, keeping debt in check, securing the future with insurance, and understanding how entitlements will factor into their retirement the better—but it’s never too late to start.
No one can get to their destination without a roadmap and putting together the financial underpinnings of a well-balanced retirement. Retirement financial planning takes knowledge, discipline and a game plan to safely arrive. Learn more about how to use investment options, retirement plans, insurance, estate planning, and entitlements to help people Retire Like a Genius.
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