Providing enough money for all contingencies after retirement is a challenge for most people. Calculating how much is needed and what must be investigated can be very complicated. For this reason, it is best ask a Baltimore MD retirement income planning consultant to advise you on how much is needed for you to retire in comfort.
In fact, retiring can be an unexpectedly expensive business. Some expenses such as for commuting to work will fall away, but there will be others. Keeping yourself occupied is important when you retire, as it can be extremely boring without an interest to replace the normal demands of work.
It is no good relying on your Social Security benefits, as these only provide for the absolute basic necessities. Life can be a real struggle for retired people who have not provided adequately. Once you have retired you will have plenty of time to enjoy yourself, but money also plays a big part.
In fact, you are likely to need extra money to cover many unexpected expenses when you retire. Medical costs are high, and assisted living or in-home care may become necessary at times. Life can be difficult if you do not have the money for these needs, and your family may not be in a position to help.
What you need are investments which are safe, but have a reasonable growth factor as well. Unless you are earning huge amounts of money, you will depend on the growth in your investments to provide enough funding. You also need to start early, so compounding has time to work its magic.
Your Baltimore MD retirement income planning consultant will tailor a plan to your requirements. There are many factors involved, and this is a highly complex process. The plan also need to be revisited regularly, so that it is kept up with your changing circumstances.
In fact, retiring can be an unexpectedly expensive business. Some expenses such as for commuting to work will fall away, but there will be others. Keeping yourself occupied is important when you retire, as it can be extremely boring without an interest to replace the normal demands of work.
It is no good relying on your Social Security benefits, as these only provide for the absolute basic necessities. Life can be a real struggle for retired people who have not provided adequately. Once you have retired you will have plenty of time to enjoy yourself, but money also plays a big part.
In fact, you are likely to need extra money to cover many unexpected expenses when you retire. Medical costs are high, and assisted living or in-home care may become necessary at times. Life can be difficult if you do not have the money for these needs, and your family may not be in a position to help.
What you need are investments which are safe, but have a reasonable growth factor as well. Unless you are earning huge amounts of money, you will depend on the growth in your investments to provide enough funding. You also need to start early, so compounding has time to work its magic.
Your Baltimore MD retirement income planning consultant will tailor a plan to your requirements. There are many factors involved, and this is a highly complex process. The plan also need to be revisited regularly, so that it is kept up with your changing circumstances.
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