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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
May/June 2018
Retirement Readiness Checkup
Are you saving enough for retirement? It’s easy to underestimate your retirement expenses, since you can’t know everything the future will bring. But there are ways to more accurately gauge your financial needs, especially if you’re just a few years from retirement. Healthcare is Big
Healthcare expenses may consume the largest portion of your retirement income, so begin by checking out current costs for Medicare and Medigap health insurance policies, plus Part D prescription drug coverage. Then consider how premiums will likely increase modestly every year. Don’t forget to include deductibles, co-payments and coinsurance in your calculations.Location, Location
Housing is often another large expense in retirement, depending on whether you have a mortgage or rent, pay real estate taxes and face higher utility expenses compared to other regions. Don’t assume you can painlessly leave everything and move to a less expensive locale, especially if you’re moving away from family. Try a new location out for a few weeks at a time in the years before you plan to retire before committing. Do a Test Run
Another way to gauge your retirement readiness is to try living on your monthly retirement income now. If your retirement income projects to 70-80% of what you earn now, the transition may not be difficult, while a tryout may convince you that living on less than 70% doesn’t work for you. Surprises Happen
Even when you make educated estimates, less predictable expenses could throw your retirement calculations out of whack. A change in health is a possibility as you age. Long-term care, if needed, is costly. Perhaps you plan to work part-time, but poor health could alter this plan. Or maybe you have an adult child who needs to move back in with you. Ensuring a financial cushion can help offset these and other financial surprises. Keep On Keeping On
The good news is you still may have time before retirement. Need more cushion? Maybe you can delay retirement by a year or two. Perhaps you can delay taking retirement plan distributions, allowing them to continue to potentially grow. Talk to a licensed financial professional to learn how to best prepare for your retirement.
GE 131926 (12/17)(Exp 12/19)
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GE-4833845.1 (7/22)(Exp. 7/24)
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