What's my "number?"

What’s my number?  How much do I need to save?  When can I retire?  If you’ve asked yourself this, you are not the exception.  Sometimes financial advisors even find themselves asking these questions.  In fact, over the past 10 days, I was asked this question no less than a dozen times.  The answer was the same every time: it depends.

According to Google, as of August 2021, the U.S. population is above 333 million.  This means there are more than 333 million “numbers” when it comes to how much person each needs to retire – the “number” differs for everyone.  Income affects it.  Age affects it.  Health affects it.  The list goes on.

No matter your age, taking initiative to plan towards retirement is something many people do not do.  Also, if you’re reading this, it means your employer offers a retirement plan to help you ultimately be able to retire.  Many Americans do not even have access to a retirement plan.

All this to say, retirement plans are a great addition to the benefits offered by your employer, and we highly encourage you to save in your retirement plan.  Even working daily with retirement plans at RK, we enjoy our jobs but also hope to retire one day.  We take our own advice by saving in our retirement plan as well.

We cannot tell you your “number” without learning more about you – learning what retirement means to you and what you want to do once you’re retired.  We work with participants who may never need any of their retirement savings, and we work with others who plan to begin drawing on their savings as soon as they retire.  Neither is right or wrong, and it ultimately depends on that person’s wants and needs.

The individuals we work with vary in many ways, and we’re fortunate to work with you and your retirement plan.  Please know our entire team is here to help.

Source: Google and rockstarinnercircle.com