The Mazzellis are a typical couple. They married young, saved to buy a nice home, and helped put their children through college. But now, Victor and Debra, both 50 years old, have saved only $80,000 for retirement.
Supposing both spouses retire at age 66, when they will have reached full retirement age (FRA) for Social Security benefit purposes, that gives them just 16 years left to sock away enough for retirement. If the couple's goal is to have $1 million saved by then, what will they need to do?
It will be difficult, but not impossible. Victor and Debra still can secure a comfortable retirement by following a few basic strategies:
Making other changes, such as downsizing to a smaller home, cutting back on luxuries, and possibly moving to a less expensive area will provide additional savings. Without even taking those factors into account, the other strategies can enable Victor and Debra to build a nest egg of $1,008,692 ($80,000 + $578,692 + $100,000 + $250,000).
Bottom line: The $1-million goal isn't a pipe dream for this couple—and it doesn't have to be for you either. But the sooner you get started, the better.
This article was written by a professional financial journalist for Advisor Products and is not intended as legal or investment advice.
© 2024 Advisor Products Inc. All Rights Reserved.
Staff photos on website courtesy of Simon Yao Studio
We look forward to working with clients of all ages and situations.
Please feel free to let us help you.
Gianola Financial Planning, LLC is registered with the state of Ohio. The firm may serve clients in Ohio and in those states in which it is exempted from registration. Gianola Financial Planning, LLC provides fee-only personal financial planning to middle-income individuals and families. The information in this website is designed to provide a general overview with regard to the subject matter covered and is not state specific. Gianola Financial Planning, LLC does not render or offer to render personalized investment advice or financial planning advice through the website. The authors, publisher and host are not providing legal, accounting or other advice specific to your situation.
By using Gianola Financial Planning you agree to our use of cookies to enhance your experience I understand