Retirement planning can be a confusing endeavor. That’s why it’s helpful to have a knowledgeable financial planner or another specialist to guide you through the process. They can help put the pieces in place to make your dreams a reality. For over 16 years, the accountants and financial specialists at Stevenson Income Tax Service in Florissant, MO, have been assisting their clients with tax return preparation and retirement planning. They can help you understand what to expect in this new stage of your life.
Your Guide to Retirement Planning
Don’t Rely on Social Security Alone
Some retirees mistakenly view their monthly social security benefit as a retirement plan. In reality, the average monthly benefit is around $1,315. Without an additional source of income, many people find themselves penny-pinching or taking part-time work. Experts suggest that you need approximately 80% of your former income during retirement. Given this figure, it’s wise to plan out your retirement budget, as well as ways to make up the difference between your social security benefit and other income sources.
Be Prepared to Pay for Medical Costs
Many retirees face significant medical expenses in their latter years. Despite having Medicare and Medicaid benefits, some seniors have to pay out exorbitant amounts for health care. Plan on having a backup insurance plan or savings bump to pay for this necessity.
Create a Budget Based on the Life You Want
Do you want to travel across the world, or spend more time with family and loved ones? By having a clear idea of what you want your life to look like, you can more easily create a budget to facilitate these dreams and make them a reality.
The professionals at Stevenson Income Tax Service are available to help you with your retirement planning. They also offer bookkeeping, tax planning, and payroll services, so that you can go to them for a number of financial needs. Call them at (314) 972-8800 to schedule a time to meet with a member of their professional staff.