Are you sure you have enough money to retire?
The Annuity Man
My friend, Paul Merriman, wrote a great article on MarketWatch that addresses the ultimate financial gorilla in the room....Do you think you will have enough money to retire? For way to many Americans, they will unfortunately come up short.
Even though this article came out before the panic started really setting in with the Coronavirus, Paul is right on point as always. Some of the key questions that Paul wants the reader to answer are listed below.
"The problem with such a simplistic formula is that it doesn't take into account all the things that make each of us unique. To get a really good answer, you should think about questions like these:
- Is my current income enough to meet all my anticipated needs in retirement?
- If I retire now, how many years do I need my investments to support me?
- Am I comfortable planning to use up all my investments by the time of my death, or do I want to provide for others in my will?
- Knowing that future investment returns are uncertain and could fall short of my expectations, am I willing to scale back my retirement lifestyle if necessary?
- Can I reasonably count on being able to work part-time if necessary to make ends meet?
- How anxious will I be if my retirement income varies from year to year depending on my investment returns?"
Read Paul's article by clicking the link in the first paragraph. You can thank me later
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