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Articles: Will You Have Enough Money to Retire Comfortably?

Will You Have Enough Money to Retire Comfortably?

First Minnetonka Investment Center (FMIC) knows the future can be unclear and a little scary but planning for the future doesn’t have to be. We offer financial planning and investment products to assist you in reaching your financial goals including saving for retirement.

Our team of professionals has created a Retirement Planning Quiz that takes you step-by-step through questions to help you determine:

  • your potential retirement income,
  • the total amount you need to save,
  • the amount Social Security and your existing savings will add to your retirement bottom line, and
  • how much money you need to save annually.

Although you won’t be graded on the quiz, you will have a better idea of what can be done now to reach your retirement income goal.

FMIC manages portfolios and consults with individuals, corporate executives, and business owners. Our goal is to make your meeting your financial goals easy, convenient, and understandable.

As a result from taking our Retirement Planning Quiz you may have questions. Please don’t hesitate to contact us. We are happy to assist you!

1. How much annual income will you want in retirement? (Figure at least 70% of your current annual income just to maintain your current standard of living. Really.) $
2. Subtract the income you expect to receive annually from:
  • Social SecurityIf you make under $25,000, enter $8,000; between $25,000 - $40,000, enter $12,000; over $40,000, enter $14,500 (For married couples - the lower earning spouse should enter either their own benefit based on their income or 50% of the higher earning spouse’s benefit, whichever is higher.) For a more personalized estimate, enter the appropriate benefit figure from your Social Security statement from the Social Security Administration (www.ssa.gov). This quiz assumes you will begin receiving Social Security Benefits at age 65, however the age for full benefits is rising. Your Social Security statement will provide a personalized benefit estimate based on your actual earning history.
- $
  • Traditional Employer Pension -- a plan that pays a set dollar amount for life, where the dollar amount depends on salary and years of service (in today's dollars)
- $
  • Part-time income
- $
  • Other
- $
  This is how much you need to make up for each retirement year: $
  Now you want an estimate of how much money you'll need in the bank the day you retire. So the accountants went to work and devised this simple formula. For the record, they figure you'll realize a constant real rate of return of 3% after inflation, you'll live to age 87, and you'll begin to receive income from Social Security at age 65. If you anticipate living longer than age 87 or earning less than a 3% real rate of return on your savings, you'll want to consider using a higher percentage of your current annual gross income as a goal on line 1.
3. To determine the amount you’ll need to save, tell us what age you expect to retire. Age you expect to retire:
4. How much have you saved to date (include money accumulated in a 401(K), IRA, or similar retirement plan): Amount in savings:
Number of years to retirement:
  Total additional savings needed at retirment:
Don't panic. Those same accountants devised another formula to show you how much to save each year in order to reach your goal amount. They factor in compounding. That's where your money not only makes interest, your interest starts making interest as well, creating a snowball effect.
  This is the amount you'll need to save annually:

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