Retirement Planning in El Paso
This content was written for Kevin Oneill
Retirement planning is something that you cannot start soon enough. As a matter of fact if you start planning for your children as soon as they’re born it is almost too late. The sooner you can start planning your retirement the more you allow compounding interest to go to work for you. This is why you want to contact a financial advisor like Kevin O’Neill to help you get set up correctly. You can schedule an appointment Kevin O’Neill to go over your retirement plan by calling 915-373-0989.
When it comes to retirement planning, there are a few very strategic things that you want to have in place. These are the things what you want to talk about with Kevin O’Neill at O’Neill Financial Planning. First and foremost you need to know the amount of money that you’re going to need to retire with in order to make it until the day that you leave this earth. You have to understand what your burn rate is and what your burn rate is going to be once you retire. Most people start to spend less after they retire quite simply because they don’t have a steady stream of income anymore.
The one thing that you want to figure out is what your burn rate is. This is something that Kevin O’Neill will be able to help you with during your retirement planning session. A quick and dirty way to do it is quite simply to add up all of your current expenses and then see what you’re going to be spending after you retire. If you plan on spending the exact same amount after you, retire them it is going to give you what your burn rate is going to be. From this calculation, you’re going to know exactly how much you need to have coming in from your retirement accounts in order to live the same quality of life that you are currently living.
A second thing that you absolutely must have in place is a financial safety net. The financial safety net is going to save you from having to empty your retirement accounts for a catastrophe or an unexpected disaster. You have to have some type of savings that is going to cover that no matter what so that your retirement accounts are not touched. This is critical to the success of your retirement accounts and your financial future. If you do not have a financial safety net, then there is a high likelihood that you will end up in financial ruin.
Another thing you want to know is what age you want to retire. You have to know what age you want to retire in order to give an estimate of the about how much money you can save and how much money you’re going to need. By knowing the age you are going to retire, you can make a fair estimation of these two numbers. Give Kevin O’Neill a call at O’Neill Financial Planning by dialing 915-373-0989. Kevin O’Neill will help determine all of these numbers for you so that you can have a solid plan going forward.