Retirement Planning With Annuities

You understand the importance of retirement planning, but where do you begin? Estimating how much money you’ll need to finance your retirement should be one of your first moves. Retirement preparation isn’t an absolute science, so it’s not as easy as it sounds. Your precise requirements are determined by your objectives and a variety of other variables. According to several financial experts, you’ll need about 70% of your current annual income to finance your retirement. If you’re looking for more tips, Kahului Retirement Planning has it for you.

This is a good place to start, but would that number work for you? It depends on how committed you are to leaving the workforce. That number won’t be a good estimation of your income needs if you’re young and retirement is still several years away. Since a lot can happen between now and the time you retire, it’s important to plan ahead. As you get closer to retirement, the gap between your current and future needs will close. Even if retirement is just around the corner, keep in mind that your current income can only be used as a general guideline. You’ll need to take some extra steps to correctly predict your retirement income needs. Your annual income should be sufficient (or more than sufficient) to cover your retirement expenses. That’s why calculating those costs is such an important part of retirement planning. However, recognising all of your expenditures and forecasting how much you’ll spend in each region can be difficult, particularly if retirement is still a long way off. Here are some typical retirement expenses to get you started:

Clothing and food

  • Utilities: Power, electric, water, internet, cable television • Transportation: Car payments, auto insurance, gas, maintenance and repairs, public transportation
  • Medical, dental, life, disability, and long-term care insurance • Non-covered health-care costs: deductibles, co-payments, and prescription drugs
  • Debts: Personal loans, business loans, credit card payments • Education: College expenses for children or grandchildren • Gifts: Charitable and personal • Savings and investments: Contributions to IRAs, annuities, and other investment accounts • Recreation: Travel, dining out, hobbies, leisure activities


    E.A. Buck Financial Services
    33 Lono Ave, #310, Kahului, Hawaii 96732
    Phone No. : 8085452211