Do People Really Know How Much They'll Need For Retirement?

I was talking with a colleague the other day and he expressed his concern that too many people he talks to claim they are right on track with their retirement savings.

Yet the statistics do not support this.

I seriously wonder if people who plan on retiring 10 or so years from now are really aware that they need a minimum portfolio of $1 million, and more if they have a long life expectancy, a higher standard of living, or are unsure how medical costs will factor in to their living expenses.

For most middle class people in California, a portfolio approaching $2 million will be necessary absent a generous pension pegged to your pre-retirement earnings.

I do understand how uncomfortable it is to talk about money for most people. However, a few uncomfortable moments now could be your lifeline to comfort in retirement.

If money matters intimidate you, find someone you can trust to be non-judgmental. What you need is a counselor to advise you as to what is possible given your circumstances. I realize that not everyone will be able to save what they should. But it is still important that you do something.

There are no guarantees that any savings and investment plan will achieve a certain goal. But you can almost guarantee that if you do not have a goal, you won't get close.

Please give me a call and let me go over your plan with you. My goal is to provide you with information with no obligation.