Retirement planning is crucial for achieving financial independence and freedom. As the second post in our series on Common Financial Goals, we'll discuss some key considerations for funding your retirement.
Goal:
To estimate the amount you'll need for retirement, use a free calculator like the one provided by Athena Private Wealth (click here for free calculator).
Risks:
Volatility and bear markets can significantly impact your retirement success. Calculators that run Monte Carlo Simulations take volatility into account, providing a more realistic view of potential outcomes. Check out this Retirement Simulation (click here for example Monte Carlo tool) as an example.
Other People:
Consider involving others in your decision-making process, such as your spouse, partner, children, or parents. Seek help from professionals like financial planners, CPAs, or HR personnel at work, and explore useful tools such as software, websites, and apps to simplify your planning.
Time:
The calculators mentioned above account for the time until retirement and the duration of retirement, helping you plan more accurately.
Take a moment to ask yourself: Is my financial independence (retirement) on track to being fully funded? If not, it's time to reevaluate your strategy and take the necessary steps to secure your future.
Stay tuned for more helpful tips in our nine-part series on Common Financial Goals.