248-449-8300

Planning For Retirement

Before you can determine how much money you will need to accumulate, you must first determine your desired lifestyle and annual costs associated with that lifestyle. There is an old rule of thumb that says you will need approximately 80% of your current income to maintain the same lifestyle as when you were working. This may be true for most, but not for the individuals who want to increase their spending in their retirement years with a new home somewhere warm or for those who want to travel extensively.

You need to consider many factors when planning for retirement, such as:

  • Mortgage payments
  • Car payments
  • Medical costs
  • Utilities
  • Insurances
  • Dependents
  • Travel, etc.

Once you have determined the amount of income you would expect to need in your retirement years, we can help develop a plan to reach those goals. By understanding your priorities and objectives, we will implement investment strategies that coincide with your risk tolerance and time horizon.