How to Take Control When Planning for Retirement
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.
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 949-450-0041.