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Eau Claire Retirement Planning

When one thinks of the most common questions surrounding Eau Claire retirement planning, the first one that comes to mind is how much? How much money do I need? How much of my income should I save? How much time will it take me to save enough? How much is an important question to ask a Wisconsin retirement planning expert, and an even more important question to answer.

How Much Do I Need?

Perhaps the most important of all these questions in Eau Claire retirement planning is how much money you will need to have saved in order to retire. To answer this, you need to decide how you will want to live when you retire. If your current Eau Claire financial situation is comfortable to you, this is a good baseline. What does that mean? In short, if you are living comfortably with enough money to pay your Eau Claire bills, go on vacation, have fun, etc., your income level is a good place to start.

However, if you are not satisfied with your current WI income, you will need to set a baseline before you can begin your Eau Claire retirement planning in earnest. First, determine where you are lacking. Perhaps you aren't currently covering all your Eau Claire bills. Or maybe you can pay your bills, but aren't currently putting any money into savings. This is an important note to make... If you do not currently have a minimum of ninety days' worth of Eau Claire expenses saved up, you should not be worrying about Wisconsin retirement planning. Before you can really focus on planning for your future Wisconsin retirement you must become financially stable in the present. Take care of this first, and then begin on your WI retirement planning account.

Once you have your baseline income, determining how much you will need when you retire is easier. The magic number for this is seventy. In order to retire in comfort, you will need your Eau Claire account to be lucrative enough to sustain you at seventy percent of your baseline income. However, there are some experts that feel this figure is too low. This seventy percent figure is based on the idea that your Eau Claire home is paid off, and a monthly mortgage is not an expense you will need to figure in. Also, this figure is what you will need to sustain what you have. If you want more from your retirement such as travel, a vacation home, etc. you will need to be planning to save at least one hundred percent of your baseline income or more.

How Much Should I Contribute?

Once you have determined how much annually you want your Eau Claire retirement planning account to yield, you need to determine how much of your current income should be invested in order to bring this about. Of course, financial advisors can answer this question for you, but usually they will not provide this service for free. Luckily, the internet has a lot of resources available to help with your Wisconsin retirement planning, and a quick internet search should yield at least one Eau Claire retirement planning calculator. This is a program usually on a website that discusses these sorts of things. This program will ask you a few quick questions regarding your current age, income, and Eau Claire retirement planning goals. Once you have answered the questions the system will give you a target percentage. This is based on your goals and current income.

For a lot of people, this percentage is too high to sustain. We all need money to live on, and if you can't afford to put as much into your Eau Claire retirement planning account as is recommended, don't throw in the towel. If you put even the minimum amount into your account, you have made a good start. Your WI retirement planning is a long term project, so you can ease into it if your finances require you to do so. However, if you are starting out low, you will need to work your way up to the recommended percentage.

The best way to do this is to plan. For example, if you should be contributing ten percent, but can currently only afford five percent, go ahead and begin contributing the five percent into your Eau Claire retirement planning account. Set yourself a goal, however to increase that by the end of two years' time. The best way to do this is to gradually increase your contributions. Give yourself three months to get used to living without the original five percent, then change it to seven. You won't notice the extra two percent very much as it will hardly decrease your paycheck. Continue to increase incrementally like this until you have reached the proper Eau Claire retirement planning contribution amount for your plan.

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Retirement Planners In Eau Claire

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