Knowing how much you need for your retirement is not an easy calculation. Expert financial advisors like Matt Dixon know the questions to ask individuals and couples in Greenville, SC, to help evaluate the current retirement savings plan and what needs to happen to reach the desired retirement goal.
Big Ticket Items
When most people think of the amount needed in retirement, the focus is on the big-ticket items. For many, this includes travel, vacations, or perhaps even moving to a new location and making a home purchase.
It is also not uncommon for people to retire and still have home payments. These issues have to be considered when determining the size of the retirement savings. Matt Dixon asks the questions to determine the big-ticket items, as well the following key considerations.
Cost of Living
Most people planning for retirement in Greenville, SC, do have some idea of the big expenses for their divorce. However, they often overlook issues such as cost of living increases, which can drain retirement savings over time.
Health and Medical Issues
As people age, there is a greater risk of health issues and medical costs that impact retirement savings. Ensuring a retirement plan builds in a cushion for these life-events prevents the all-to-common issue of people in retirement running out of savings due to health issues and medical bills.
Tax Savings
A recognized financial advisor, Matt Dixon helps his clients to reduce their taxes before and after retirement. In reducing taxes, it is possible to save more for retirement, and to retain more of your savings after retirement.
