A recent survey found that more than half of retirees have retirement planning regrets. Unfortunately, many of these retirees had to cut back on their lifestyles to compensate for financial shortfalls.
This week, Craig Siminski, of CMS Retirement Income Planning, shares how considering their most common regrets may help you avoid making the same mistakes.
Not Saving Enough: More than one-third of retirees wish they had saved more.2 How much is enough? The amount you need depends on your other sources of income and your anticipated retirement lifestyle.
It might be helpful to consider the 4% rule, a traditional guideline for the percentage of savings that you may be able to withdraw each year without depleting your nest egg over a 30-year retirement. For example, $100,000 in savings would provide only $4,000 in annual income. If you will need $20,000 from your savings each year, you should have $500,000 socked away by …
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 21 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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