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PLANNING YOUR FUTURE

My Future
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You may spend as much of your life in retirement as you do at your job. Will you be able to afford it?

Envision

The concept of "retirement" has evolved dramatically over the past several decades, as has the image of the average retiree. So, for just a moment, close your eyes and try to imagine what a typical day might be like in what you define as your "retirement" years. Think about where you'll be living, what you'll be doing and whether the lifestyle you're envisioning is more or less comfortable than what you currently enjoy.

Ready? Describe your typical day in a few sentences:

How did you do? Were you traveling? Were you living someplace different from where you live now? Were you taking classes, launching a new career or starting a new business?

Once you define your desired lifestyle, you can begin to plan for it realistically. Planning involves the accumulation of sufficient assets to achieve the lifestyle you desire.

How Much Will You Really Need?

Experts suggest that to maintain your current lifestyle after you retire, you'll need 70-80 percent of your current income each year.

What about inflation? The purchasing power of future dollars must be factored into your wealth accumulation efforts. With an inflation rate of approximately 3.5 percent as of April 2005, you will need $236 in 25 years to purchase goods that are valued at $100 today. The costs of medication and health care services – which are used more by seniors than the general population – are rising at about twice the general inflation rate.+

 

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