It is very common for people in the Seneca, SC, area to make changes in their retirement age. Individuals may originally think they want to work into their sixties or even beyond, only to discover in their mid-fifties they are ready to get out of the corporate and working world.
Meeting annually with Matthew Dixon, a Registered Financial Consultant, provides his clients with a clear picture of where they stand with regards to their retirement goals. At these annual meetings, changes in plans, unexpected issues, and even options to add to the retirement portfolio can all be reviewed.
There are a few key points to consider, according to expert financial advisor Matthew Dixon. Knowing where you are in your retirement savings and the risks or benefits of retirement at any point provides a clear financial picture of what to expect.
The Financial Amount
The earlier you retire, the more you need in your retirement account. The amount you require depends on your expenses, cost of living increase, possible health care costs as you age, and what you want to do during your retirement.
Matthew Dixon recommends clients have approximately 25 times the amount of their annual expenses in the retirement account before they stop working. This is known as the Multiply by 25 Rule and is used by most financial planners.
No Planned Major Purchases or Debt
Ideally, people in Seneca, SC, should go into retirement free from large debts. This means the house, cars, and credit cards are paid off, and there are no large balances.
In addition, retirement should not be a time for large purchases, unless they were planned well in advance. Large purchases in retirement mean additional savings requirements while you are working to ensure adequate retirement funds.
