Retirement can be an opportunity to make big changes and live out dreams shelved due to working demands. The looming question many have is – Can I afford to live my retirement dream? Provided you take time to properly plan, building a financial cushion that will support a comfortable, fun, and secure retirement is achievable.
Inflation is affecting most households regardless of age or earnings. Managing your financial well-being today while saving for the future can be a challenge. You can take control and remove the challenges by understanding the three basic sources of income needed in your retirement planning toolbox.
- Your employer retirement plans (TSERS or ORP) are the first basic tools key to retirement planning. Your employer retirement plan will provide approximately 45% – 50% of your pre-retirement income in retirement.
- Don’t forget about Social Security! While it is not a secret, many forget that Social Security will provide approximately 30% – 40% of your pre-retirement income. The SSA “Retirement Estimator” is a great resource that incorporates past earnings and projected future earnings to provide a future Social Security retirement benefit estimate.
- Last but not least, the final basic tool needed to help fill the pre-retirement income gap can be found through your individual sources of income. Individual sources of income can be funds in your supplemental retirement plans and/or personal savings accounts (e.g., savings accounts, CDs, IRAs, etc.). Maximizing savings through these other sources can go a long way to enhancing your financial stability and living out your dream in retirement.
Start with the basics in your retirement planning tool box to regain control of your financial future and become financially empowered to achieve your retirement dreams. Working with financial professionals with CAPTRUST, FIDELITY, AND TIAA is a great first step to help you regain that control. Don’t delay! Contact a professional today to help build the financial income needed to live out your retirement dream.
