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St Clair Shores Retirement Planning

When developing a St Clair Shores retirement planning strategy there are a few risks to consider. Of course, there is always a risk when dealing with investment income, and Michigan retirement planning is no different. However, you can both help prepare for and learn to combat these risks if you are aware of them ahead of time and understand what you can do.

Outliving your MI Income

One of the most common troubles faced by MI retirees is running out of their St Clair Shores retirement planning income too soon. Ideally, your St Clair Shores account is supposed to last you from the time you retire through the end of your life. Unfortunately, this does not happen for everyone, and some people are forced to reenter the workforce.

So what are some things you can do in order to avoid this? There are of course a few options available to you. The first involves over planning for your St Clair Shores retirement. In other words, set a goal amount, and then save more. If you can put more away today, it will have more time to grow and bring you more returns in the future.

For instance, say you have set yourself a St Clair Shores planning amount of $50 per pay period. After careful consideration and discussion with a St Clair Shores financial planner (or plenty of personal research on your own) you have determined that this amount will yield you exactly what you need to be comfortable at retirement. Now, take into account that the variance can be anywhere from twenty to thirty percent. With that, you really should be contributing around $65 per pay period instead. This will give you that variance you need, and really, will you miss another $15 from your paycheck? It is definitely worth the sacrifice in the end.

Another way to ensure that your St Clair Shores retirement planning account has the longevity to keep you in the cash for as long as you need it to is to prolong claiming your social security benefits. The longer you wait to collect on social security, the higher your monthly payout will be. The earliest age you can collect this benefit is 62. However, the cutoff age is 70, so if you can hold off until then, you will get more money every month. This will help you stretch things further.

How to Deal with Inflation

The next risk to St Clair Shores retirement planning is inflation. Of course, saving an extra twenty to thirty percent is a step in the right direction in combating the inflation that we all know we can expect. Inflation is a fact of life. We have all heard stories from our grandparents (or parents) about how much less expensive everything in St Clair Shores was when they were young. We know that we can count on telling similar stories to our children and grandchildren in our golden years.

The biggest inflation impact that your St Clair Shores retirement planning account is sure to face is in the cost of health care. When you are older you will require more medical care. This is a fact of life. On average, St Clair Shores medical costs for a retired individual will total somewhere near $100,000. This will be a large hit to your Michigan retirement planning account. But it doesn't have to be. There are some things that you can do to ensure that your St Clair Shores retirement planning account can shoulder the burden of these added expenses.

As mentioned before, putting a percentage over your goal is a great way to do this. If you can afford to, do more. Additionally, increase your St Clair Shores retirement planning contribution amount every time you get a raise in pay. A lot of people don't think about this when they get a raise, because so much is focused on the here and now. For example, say you receive a raise of $100 per pay period. Of this $100 you will net anywhere from sixty to seventy dollars after taxes, social security, etc.

Now, let's go back to our previous figure of $50 in St Clair Shores retirement planning contribution per pay period. If you split that increase in pay down the middle, keeping $35 for 'mad money' or to pay other bills but take $35 and invest it into your MI retirement planning account you have almost doubled your contribution in one fell swoop. This in effect takes your Michigan retirement planning account from gaining $100 on average per month, to gaining almost $200 on average per month. This will go a long way to increase the profitability potential of your St Clair Shores retirement planning account.

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Retirement Planners In St Clair Shores

Christopher Mollan
Christopher Mollan
31731 Northwestern Hwy.
Suite 151W
Farmington Hills, MI 48334

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