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personal retirement RULE OF THUMB

Do you know what income you’ll need to fund your desired retirement lifestyle? Do you know the size of the nest egg you’ll need to create that income, and allow for the unexpected? At Lineweaver Financial Group, we begin with a “Rule of Thumb” calculation (table 1). We view this calculation as a vital starting point which is then complimented by addressing the most pressing issues identified in the Lineweaver WealthWatch Personal Needs Worksheet. To save you time and money, all plans and issues are then resolved and coordinated under one roof at the WealthWatch Center – your one source for your important money matters.

  Current Income:   (ex.$100,000)
  Full Lifestyle during Retirement-85% of income:   (ex.$85,000)
  Restricted lifestyle during retirement-70% of income:    (ex.$70,000)
  *Total assets required  ?

* Incorporates life expectancy, inflation and rates of asset growth, among other variable factors

Some of the issues to be considered when calculating your retirement income needs:

  • What is the importance of consistent inflation adjusted income?
  • What quality of life do you want to maintain during retirement, and what are the corresponding income needs to meet that quality of life goal?
  • What tax situation should you be prepared for during retirement?
  • How will health insurance and medical expenses affect your situation?
  • Does your plan include a contingency for income continuation for surviving family members?
  • Are there any charities you would like to continue to donate to or leave assets to, and are you receiving the appropriate tax benefit from such donations?