Retire Comfortable and in Style

Now is the time to start planning for retirement. The sooner you start saving for retirement, the more money you will have. The younger you start saving the easier it is to meet your retirement goals. Our Money Place's expert Financial Advisor can help.

Can you live off your monthly Social Security Check?

According to the Social Security Administration, average monthly benefits payable in January, 2005 was $930 for all retired workers. Check your yearly statement from the Social Security Administration to find out how much you will receive. Can you live off $930 each month. As we age our health care costs significantly accelerate, and Medicare will not pay for it all. As health care costs continue to eat away at a portion of your monthly income when you retire you will need more money than you think to enjoy your retirement years. 53% of American retirees live on less than $15,000/year.

Don't despair- you can retire well if you start to plan today.

There are lots of options that can help you reach your dreams for retirement. There are 401(k)'s, 403(b)'s, and IRA's. Our Money Place can help you understand the alphabet soup of retirement plans, and help you develop your strategy for a successful financial future.

Saving Scenarios

If you save $2,000/year for the next twenty years, you put it in an IRA that earns 6% interest per year, your account would be worth almost $94,000. That would give you an extra $470/month in income and that is without touching the principal.

Saving that same $2,000/year for the next thirty years in an IRA that earns 6% per year, you would have approximately $195,000. That money would give you an extra $975/month in income and that is without touching the principal.

Saving $2,000/year only requires you to save $166/month. That savings, in an IRA, may lower you tax rate, so you will pay less in taxes. You can do this!!

If you save $4,000/year for the next twenty years, you put it in an IRA that earns 6% interest per year, your account would be worth almost $170,000. That would give you an extra $850/month in income and that is without touching the principal.

Saving that same $4,000/year for the next thirty years in an IRA that earns 6% per year, you would have $360,000. That money would give you an extra $1800/month in income and that is without touching the principal.

Savings $4000 per year only requires you to save $333/month. You can do this!! You can have a decent retirement!!! That savings, in an IRA, may lower you tax rate, so you will pay less in taxes.