There comes a time in life when you start thinking about your retirement. As you near retirement, or reach the time to retire, you want to make what you’ve accumulated over the years last for the rest of your life.
Planning for post-retirement years can be a difficult task. There are many questions to answer and calculations to perform. The first calculation will be to determine how much you will need to retire in comfort. The standard rule-of-thumb suggests you will need an income of approximately 75 percent of your pre-retirement take-home pay. When your children grow up you will need less money to cover the costs of living. More of your costs could disappear but your post-retirement lifestyle may add other costs too.
At First & Farmers National Bank, we will gladly help you find a savings product such as an IRA that will help you set aside the finances to live comfortably during your retirement years. Please take advantage of our online retirement calculators to help you answer some of your questions.
