By Anthony Rivieccio. MBA, PFA
Today, retirement is funded by many sources including: pension income, Social Security income, and personal savings. So do you know how long you’re going to live after retirement at 62, age 65, or age 70?
10 years? 20 years?
Let’s try one simple rule, now!
Take your annual standard of living and multiple it by the number of years you want to live.
Example: If you make $50,000 and want to live the same way you do now—at retirement for 20 years–then that amount you should have at retirement ($50,000 x 20) is $1 Million!.
And that is not including 20 years if taxes and inflation. 20 years of inflation turns $1 Million into $600,000 — a loss of $400,000.
That means you just lost 8 years of your 20 year retirement.
Do you really have enough money to live before you die?
Anthony Rivieccio is the founder & the CEO of The Financial Advisors Group, celebrating its 20th year as a fee-only financial planning firm specializing in solving financial problems. Anthony, a recognized financial expert since 1986, has been featured by many national and local media including: KlipingersPersonal Finance, The New York Post, News12 The Bronx, Bloomberg News Radio, Bronxnet, The Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Bronx News and The Bronx Chronicle.
For financial assistance or a FREE Investment Consultation. Anthony can be reached at (347) 575 5045.