How to Improve Your Chances of Retiring
For anyone over the age of 50 who is worried about retirement - not just planning for it, but actually being able to do it - a timely article at CBSMoneyWatch.com says that there are two changes you can make to dramatically improve your odds of retiring:
Work Another 5 Years. Five more years of letting your retirement assets grow, five more years of putting money away for retirement, and five more years of not tapping into any retirement or Social Security funds could increase your retirement assets and potential retirement income by as much as 36 percent.
Reduce Your Lifestyle. Reducing your retirement lifestyle expectations by as little as 15 percent can make a big difference in providing you with the actual freedom to go ahead and retire. It is estimated that to produce $5,000 worth of annual distributions at age 70 will require $100,000 in assets. If you targeted $100,000 of annual retirement income and can reduce it by $15,000, you will need $300,000 less in assets to retire.
When you add the 36 percent increase in retirement assets by working another five years to the 15 percent reduction in retirement lifestyle expenses, you get a swing of over 50 percent in preparedness for retirement.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.