It’s great when you feel like you’ve nailed down your retirement plan. The sense of relief is almost palpable. But what if you’re not saving enough to keep your current lifestyle retirement? Does Your retirement plan maximize your investment dollars and let you keep your current lifestyle in retirement? The following topics will help you decide if your current plan will protect your lifestyle in retirement.
What’s the Plan?
Even with a plan in place over half Americans are not on track to be able to sustain their current lifestyle in retirement. Maybe your retirement plan requires you to sell your business. That isn’t a bad idea when you’re ready to retire, but it’s nice to have options that allow you to wait for the right offer. The way to keep your current lifestyle after your working years is to plan for it. You planned for your business or your practice. Successful retirement requires planning too.
Does Your Current Retirement Plan Cover the Income Gap?
If you got a late start, the limits on traditional IRA and 401(k) accounts often prevent full catch ups, even with the recent uptick in contribution limits. You probably also have investments to balance your savings plan. We totally respect that. But what is the plan to cover the gap in your retirement savings. We’re talking about the gap between your future income and your current income. We hear people say how they feel they will need much less money in retirement. After all, they won’t be going into the office every day, so their transportation costs will go down, their clothing needs will diminish as will the number of time they eat out. But are you considering other costs that are sure to go up a lot higher?
If you’ve enjoyed a fairly healthy life, great, but long term medical care is one of the highest expenses paid out in retirement. Unless you’ve planned for it, you may need a lot more than you’re saving now. Have you allowed for inflation and their impact on your retirement dollars?
5 year Strategy Cure for an Insufficient Retirement Plan
It may seem a little strange, but the cure for a retirement plan that doesn’t support your current lifestyle could be our unique 5 year strategy. It involves a new and special approach to insurance that requires you to only pay the first 5 years of premiums. Because the bank gets to handle the insurance account, they pay the last 10 years of premiums on your behalf. There are no contribution limits like those of traditional retirement accounts. It’s tax free so tax hikes wont change the amount you get and there’s no required minimum distributions (RMD) s.
The plan has an incredible 98 percent persistence rate and people who choose it love it. You don’t have to keep stressing over whether traditional contributions are enough for your future. When you’re ready for exact details of the 5 year tax free retirement strategy, contact Dan Foss here.