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How do I know if I have put together a good retirement plan? |
I just have a question regarding whether I am covered in planning for my retirement: No. Just remember when you retire that you need to have as much income as you do now to live the same lifestyle. Your expenses will only go up not down because of higher insurance costs, medical costs, inflation etc. If you have a home, it can also be considered an asset since you could always get a reverse mortgage at 62 for extra cash. Buy long term care insurance immediately before the rates get too high. For your age your savings are a little low but I don't know how much you have in your 401K. You would also have to take into consideration if you get a pension or social security (if its still around). You also need to look at what you will need to pay for medical insurance, do you have life insurance, have you done all your trust planning. Most employers will offer seminars with financial planners for free for employees. I would take advantage of that if you can. I don't like your retirement plan at all. (I am a Portfolio Manager) You do not say how much you have in your K101(k), and this makes it impossible to make good calculations. |
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