Can I afford retirement?

August 24, 2021 | TS Prosperity Group

Whether you are one year or 40 years away from retirement, the question that comes across most minds is “Can I retire?” There are many variables that come into play as each person pictures their retirement. Thinking through if you have saved enough, how much you’ll be able to spend or asking if you can take your dream vacation will all come up when thinking through your retirement. Our goal at TS Prosperity is to ask you the difficult questions that will make you think and help you be proactive in your journey to or through retirement.

How long will I be retired?

This is a difficult question as many people focus more on the question of “what date am I going to retire?” Do you see yourself taking a vacation every year, twice a year or staying at home? What if you have preexisting conditions or have a history of health risks in your family? Do you want to leave family/friends something when you are gone or have the last penny spent at the funeral? These are all questions to help you in determining the estimated amount and timeline that will best fit you. The longer you plan to be retired the more you’ll need to save, so this is a particularly important factor.

When should I take Social Security?

With this varying from person to person, we suggest you check the Social Security website. There’s a wealth of information from estimating what your life expectancy is from their data, how different ages of starting retirement affect the benefits you receive and if you have a spouse, how your benefits may work together. It’s important to review the income you would receive in retirement with Social Security as the Social Security portion could be taxed again. You can also read a previous TS Prosperity Group blog “Things to Know for Maximizing Your Social Security”.

What will my tax bracket look like?

When you have accumulated your wealth over the years, it’s important to see how taxes will affect your lifestyle. To see a current listing of the tax rates, go to the IRS website. This will provide you with the current rates which will vary in the future but give you a good guideline to go off of. What types of investments you have can have an impact on your tax bracket. If you have both traditional (pre-tax) and Roth (post-tax) income streams from investments, you can choose to take percentages of each to keep you from increasing your taxable income. The Roth investment income will not affect your tax bracket where the traditional investment income will.

How do I put this together? This is where we can help. At TS Prosperity Group, we have a financial planning tool called eMoney that can analyze where you are currently, where you are wanting to go and where you are at in attaining those goals. Remember, this is tailored to you so there are no right or wrong answers, just what fits your goals the best. To sit down and customize your financial future, please call 844-487-3115 or fill out the form below to schedule an appointment.

At TS Prosperity Group, we IGNITE PROSPERITY® by helping our clients do more with their money. Whether it’s saving a little extra cash each month or accomplishing a long-term strategy, our goal is to help you transform your financial life. Call and schedule an appointment today, one of our team members would love to help you do more with your money at TS Prosperity Group. TS Prosperity Group is based in Council Bluffs, Iowa, with clients across the midwest. For more information visit tsprosperitygroup.com or call 844-487-3115. #igniteprosperity

TS Prosperity Group is a division of TS Bank. Banking products and services provided by TS Bank, Member FDIC.