January 25, 2015
Focus on retirement INCOME rather than the "number"
Rather than fixating on a specific $ goal (aka the "number"), investors nearing retirement (ages 55-64) should focus on the amount of income their investments will be able to generate in retirement based on current inflation, rates, of return . Check out Blackrock's CoRI™ calculator http://www.blackrock.com/cori/cori. It's a simple to use tool that shows how much annual income your investments can generate. While it is limited to the assumption that one retires at age 65 and lives an average lifespan (and most readers of this blog are likely to live longer than average), it is a useful tool. Check it out.
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Thank you for sharing this useful tool. I am a woman myself and I'm struggling to develop a sound retirement plan. I'm worried that my nest egg will not be enough to cover my future expenses. Another thing that is making me worried is the fact that women live much longer than men and will most likely require care in the future. I've read a lot about how to boost your retirement income and purchase insurance products like life insurance and long-term care insurance. Ltc insurance is dubbed as an efficient product by www.ltcoptions.com/long-term-care-insurance and www.longtermcare.gov/costs-how-to-pay/what-is-long-term-care-insurance because it provides comprehensive coverage for long term care services like home care, nursing home, adult day care and the likes. I've read that long term care is one of the reasons why people outlive their retirement income. I don't want to spend all my hard-earned money paying for care. I hope this tool can help me generate enough retirement income to cover all my future expenses together with the insurance products I'm gonna purchase. Thanks again for sharing!
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