People planning for retirement often approach me, in person or through my blog, and ask questions about whether they have enough money to retire, hoping I can ease their minds or make life easier for them.
One client recently asked: “I’ve got 10 years to go before retiring. I’m contributing at the max to my 401(k). Can I afford to retire?”
Contributing as much as you can to your 401(k), or other savings vehicles, is an excellent start. To fully answer my questioner’s query, though, I directed him to Income Power. It gave him an idea of how much income he can generate from his current savings. (Congress is working on a bipartisan plan to make this retirement information mandatory for 401(k) plans.)
With this piece of good news, we talked about lots of options for his retirement income plan.
Feel free to contact me at Ask Jerry with questions about your own retirement.