Investment Advisor Minneapolis | When can I afford to retire?

Investment Advisor Minneapolis | When can I afford to retire?

Investment Advisor Minneapolis 
Hi. Vince Oldre, certified financial planner with Assured Retirement Group. I want to talk to you about a question that a lot of people have and they want to know when they can retire or can they afford to retire. Now the question is a little bit more difficult to answer than yes or no.



Investment Advisor Minneapolis 

Investment Advisor Minneapolis
 I'll start with an article that the Wall Street Journal just came out with recently and that was the illusion of wealth and the illusion of poverty. What happened was there was a question about whether a million dollars was enough to retire around or would you rather have $5,000 of income per month. Now the illusion is that the million dollars is an illusion of wealth and the $5,000 a month is an illusion of poverty. What you really need to do when it comes to figuring out when you can afford to retire is actually combine those two things together and then you will no longer have an illusion.
 Now most retirement plans when you go online, the calculators that you have actually don't show you if you do have enough income to retire. Here's what you need to do to figure out if you can afford to retire.
Investment Advisor Minneapolis

 Number one is figure out your spending. Are you going to be spending the same amount that you are today as you are in retirement or is it going to be less? Now one good way to figure out if you want to maintain your lifestyle in retirement is to really understand that you're going to be spending the same amount that you are today and sometimes more.
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Investment Advisor Minneapolis