Am I Saving Enough for Retirement? | By Connor J. Kin
By Connor J. Kin - Financial Planner
Am I Saving Enough for Retirement? Everyone’s answer to this question depends on several factors. Some initial thoughts that may come to mind could include:
- What are my expenses?
- What is my income?
- What is my 401(k) balance at?
Other considerations that cannot be quantified might include your goals and aspirations, and what ultimately is important to you.
Retirement can be a polarizing and frankly boring topic for individuals to discuss. Many don’t pursue conversations about their finances and think they’ll address it down the road, or that it will all eventually take care of itself. The fact of the matter is that your retirement planning cannot start early enough, and it should not be a backburner topic for you and your loved ones.
The best way to answer the question of “Am I Saving Enough for Retirement?”, is to have a financial plan, and stick to that plan.
A Financial Plan is a personal roadmap for you and your family to build over time. Considering both quantitative and qualitative information, your financial plan is a living, breathing document, and will adjust as life changes for you. The Financial Plan is a one-stop shop where you can answer the age-old question titled in this article, but also a multitude of other questions as well:
- What age can I retire?
- Does my investment allocation align with my time horizon?
- Is my family protected against the unexpected?
- How do I best transfer wealth to my heirs?
At the end of the day, your Financial Plan is what you make of it. It begins with just one conversation but is implemented over time so that you can achieve your goals more efficiently and effectively.