Is your retirement plan on target?
Congratulations on saving for retirement. But figuring out exactly how much to save can be challenging. After all, how can you predict how much you'll really need in the future?
Ask yourself these questions:
- How many years do I have until I want to retire?
- How much income will I need?
- How should I invest or diversify my investment savings?
- What do I need to do today to reach my retirement goals?
You don't have to figure out the answers to these questions on your own. Horace Mann representatives can help you estimate your retirement income needs, define your goals, and design a retirement income strategy.
Many experts suggest you will need 70% to 80% of your current income to maintain your current standard of living after you retire. For example, if your annual salary is $60,000, you may need $42,000 to $48,000 a year in retirement to continue your existing lifestyle.
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Mid-career
As your income reaches peak-earning years, you’re now able to increase your saving rate, especially if you think you may have a potential income shortfall when you reach retirement age.
- Revisit your budget.
- Consider increasing your contributions to your accounts yearly (increasing your accounts by 1 -2% per year can really add up over time).
- Review your income plan or analysis with your Horace Mann agent, and make adjustments if needed.
Whatever stage of career you are in, Horace Mann will be there every step of the way to help you plan and execute your retirement income strategy. We have the tools, resources and expertise to help you get to the retirement of your dreams.
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The information provided here is for general informational purposes only. The information should not be considered an individualized recommendation or personalized investment, tax or legal advice. Representative of HMII provide general information concerning retirement income planning. HMII and its representatives do not provide financial planning services.