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?
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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