Excerpt from: Smith Barid, LLC (click for full article)
If you’re like 70% of people in the US who have a retirement plan, you still haven’t worked with a professional such as a trust and estates attorney in Savannah in order to determine how much money you really need to save. A recent study found that only about 30% of this group has actually sat down with a professional to come up with a realistic number. Another 34% has simply guessed at a number that they think might be reasonable.
Any good Savannah trust lawyer will tell you that this is incredibly dangerous. There are so many factors that go into determining what will be needed. Just a few of these include:
- What do you want to do when you retire?
- What assets do you have now?
- How will inflation impact the value of the dollar?
- What kind of retirement fund do you have?
- How long do you have before you retire?
- How much will you lose to taxes when you withdraw your money?
As you can see, getting to a total that will support your lifestyle during retirement is a bit more complex than simply plucking a number out of thin air.
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