Take Off the Rose-Colored Glasses When Planning for Retirement

9:10 pm Retirement Planning

rose colored glasses dan holm e1360271347741 Take Off the Rose Colored Glasses When Planning for Retirement

Wisdom from Financial Planning Attorneys

Ameriprise Financial’s recent Retirement Check-In Survey found that many Americans are wearing rose-colored glasses when it comes to planning for retirement, thinking their retirement years will be spent in luxury that their savings cannot support.

According to the survey of 1,000 men and women between the ages of 50 and 70, there is a true gap between retirement expectations and reality.  On average, those surveyed said they would need around $1 million for a comfortable retirement – but then said they had only saved 70 percent of that, leaving a big gap and few years to catch up.

Yet 78 percent said they expected to be “extremely happy” in retirement and 83 percent noted they felt emotionally “ready to retire”.

To take control of your retirement, experts recommend you:

  • Have a written financial plan that addresses how you will cover your expenses in retirement and addresses any savings gap.
  • Have at least six months of emergency cash on hand.
  • Take inflation into consideration.
  • Review your retirement portfolio to determine how much income your assets will produce every year in retirement.

Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.

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