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M.A. Kluemke and Associates

2020 New Year’s Resolutions: Address your retirement plan

2020 New Year’s Resolutions: Address your retirement plan

It’s time to create a plan for your retirement, create a budget, and help put your long-term goals safely in reach.

First of all, take a few minutes to determine your income power. It’s a simple calculation to show how much income your retirement savings can generate; starting at your retirement, increasing over time, and continuing for life.

Also, update or find your latest Social Security and pension projections, combine all sources for an idea of your potential income. Of course, you’ll need the right kind of retirement plan to reach your full potential, and there are factors such as inflation to consider.

Next, it’s time to create your retirement budget.

Once you’ve determined how much income you can expect, it makes sense to work out how much you intend to spend. Add up your living costs; rent or mortgage, food costs, transportation, vacations, insurance, luxuries, etc. Don’t forget to include medical expenses and long-term care needs.

Does your income power meet your needs? If there’s a deficit, you’ll need to save more between now and retirement to boost your income.

Now it’s time to talk to an advisor! No matter how much you understand, you’re going to need to speak with an advisor.

By working on your retirement plan slowly but surely over the coming months you can use your 2020 new year’s resolution wisely.

If you would like to get an early start, before the beginning of next year, call us at 217.679.1043 or email info@makluemke.com.

By Erin Gutzman

Check the background of this financial professional on FINRA's BrokerCheck
Check the background of this financial professional on FINRA's BrokerCheck