Whether you’ve been saving money for years or set aside your first dollar today, you have likely wondered at some point, “What is the best way to fund my retirement?”.
If you’ve had this thought, you’re not alone. Retirement planning can be a confusing, daunting subject, which is why hiring an estate planning attorney in Ann Arbor from The TGQ Law Firm can be a relief for so many people.
How Much Money Do I Need To Retire Comfortably?
The truth is, there is no one universal number that will make retirement comfortable for everyone. The amount of money you will need to retire with peace of mind will depend on several factors, the two most prominent being when you want to retire and how much money you want to spend per year.
People who want to retire in their 40s and have high living expenses will likely need much more money than those who wish to retire later and lead quiet lives. While there isn’t a magic retirement fund goal that will work for everyone, there are universal concepts that people can follow to help them reach their personal goals.
Create A Budget
Creating an expansive budget plan is the most effective way to understand the question, “What is the best way to fund my retirement?”.
It’s essential to evaluate how much money you want to spend per year to know how much wealth you will need to retire in comfort. A proper budget plan should examine what age you want to retire, how long you expect to live, how much money you will need to cover your expenses, and how much you will need to add a desirable amount of luxury into your life.
Start Saving Now
It is never too early to begin funding your retirement.
Even for younger individuals decades away from removing themselves from the workforce, setting aside money for future retirement as early as possible will only help make your long-term financial goals more manageable.
Putting aside money today, even in small amounts, will allow you to accumulate compound interest on your retirement fund for longer, in turn helping you reach your goal even when you’re not actively adding to it.
Get Some Professional Advice
Even when you’ve made a budget and begun saving, understanding all the complexities of establishing a retirement plan can feel overwhelming.
Luckily, there are financial professionals whose leading trade is helping people find their ideal retirement budget. So, regardless of when you want to retire and how much you want to spend during your retirement, you will be able to seek sound advice on your budget goal and the best ways to reach it.
For retirees and seniors, The TGQ Law Firm’s team of Ann Arbor probate lawyers can help make sure that your assets are adequately cared for, both after you have finished life in the workforce and in the event of your death.
Develop A Plan That Is Realistic And Achievable
Most people would love to have millions of dollars in their retirement account while they’re still young. But more often than not, that’s a bit outside the realm of realism.
It’s difficult to expect great wealth in your 30s or 40s, which is why when it comes to retirement plans, it’s essential to ensure that they are achievable for your expected career path and anticipated life decisions.
When deciding how much time and money you will need to retire comfortably, be sure to consider the average rate of pay for your line of work, potential promotions, and how long you will be able to work in that field.
Ann Arbor’s Estate Planning Attorney | The TGQ Law Firm
Planning for retirement and how to handle your money in the later years of your life can be a challenging task, but it doesn’t have to be impossible.
The team at the TGQ Law Firm in Ann Arbor can be there to help ensure that your retirement goal is suited to meet your needs and manage your wealth and assets after you pass away.
Disclaimer: This article is not intended to be legal advice. Everyone’s situation is different and legal advice is only properly given after having reviewed your specific situation.