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Meriden Retirement Planning

When you retire you need to have enough money in your Meriden retirement planning account to sustain yourself at least at seventy percent of your Meridan salary for the rest of your life. This seems like it wouldn't be that much, since it's only a fraction of what you currently make. However, there are a few things you need to understand about this arbitrary Connecticut retirement planning amount.

Why Seventy Percent?

The first question that comes to mind when looking at this figure of at least seventy percent for Meriden retirement planning is why? How can someone retire and need less to live off of when they are retired? There are a few things that go into this figure, and understanding them will help.

First, if you are not working, your Meriden transportation expenses will lessen. It stands to reason that the majority of time you spend in a car, bus, train, etc (however you get to work) is due to your commute to and from your CT place of business. When you retire, you save yourself the cost of gas and upkeep on your Meriden car, and or the cost of bus or train fare. If you calculate how much this is, you will start to see why your CT retirement planning account needs to yield you less than what you need to live off of now.

Another cost that will be eliminated when you are no longer working (and therefore not necessary to factor into your Meriden retirement planning) involves your wardrobe. Right now, every working person spends a percentage of their income on dressing for work. Whether you wear a suit and tie or a uniform (or something in between those two), there are certain expenses that we incur on a regular basis to dress for our jobs. This is not to say that you won't be ever planning on buying clothing again when you retire, but your business attire will be less necessary to keep up.

For example, if you work in a professional office, you likely have a regular dry cleaners bill. Your Meriden retirement planning account will not need to sustain this sort of expense because you will probably not wear as many dry clean only clothes. Additionally, women won't have as much need for added expenses on things such as nylons. You could even save on makeup and hair and nail care. All of this means you will need less from your Meriden retirement planning account.

Housing Costs a Big Factor

The other large chunk that is figured into this seventy percent Meriden retirement planning figure is your housing cost. Financial analysts predict your needed Connecticut retirement planning income based on the assumption that you will have little to no additional costs for your Meriden housing. This is because of the generally held belief that people have their homes paid off when (or soon after) they retire.

This is however not always the case. Sometimes people don't take this into account when dealing with Meriden retirement planning, and it can be a big hit to your funds if you don't. You will need to make plans now to make this a reality or you could be in trouble when you retire.. It is not likely that seventy percent of your Meriden salary as your CT retirement planning payout is enough for you to pay this additional monthly cost.

What are the reasons that people don't always eliminate their Meriden housing costs before they retire? These can vary, but a common reason is that you have been gradually moving from house to house over time in order to get to the one you want to retire in. The idea of a starter house is a newer phenomenon in the past few decades, and some of us take that further and make it starter houses.

Another reason may be that you are a person that just has no intention of ever owning real estate. There are those of us out there that due to personal preference or just where we live that never plan on owning any real property. While there certainly nothing at all wrong with either of these ways of doing things, you will need to plan accordingly when it comes to your Meriden retirement planning account.

If you have calculated a total for yourself (or had a Meriden retirement planning professional do it for you) and you have no intentions of eliminating your housing cost (or at the very least lowering it) then you need to reevaluate your Connecticut retirement planning goals. It is still possible to account for this, but you will need to tweak the numbers. Sit down with your budget or a financial analyst and determine what your Meriden retirement planning goal should actually be.

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Retirement Planners In Meriden

Beth London
Beth London
74 Batterson Park Road
2nd Floor
Farmington, CT 06032

Sam Chang CFA®
Sam Chang CFA®
71 Raymond Road
West Hartford, CT 06107

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