Many people are surprised to learn that State Farm Insurance agents can do more than just sell insurance. “I can help people plan for retirement,” says Melanie Bakala, local State Farm Agent. Her goal is to help her clients look at the future to understand the many components integrated into the landscape called retirement.
State Farm Works with you on Retirement Goals and Plans
The subject of retirement is complicated. If you are overwhelmed, experiencing the urge to ignore is all, or just curious, turn to Melanie to set you on a path. We can explain Medicare and how to manage your distributions. We can talk about ways insurance can support your plans,” says Melanie.
Consider the 80% Rule
It is likely that retirees will want to maintain their standard of living during retirement. Financial experts say you’ll need between 70-80% of your pre-retirement income. Possible triggers for lowering the annual income have to do with mortgages and loans being paid off. Hopefully, children have finished schooling and are self-supporting. You will no longer make contributions to a retirement plan. On the other hand, some costs may increase with rising health care rates and the ability to spend more time for travel.
How much do I need to save?
The 2005 Retirement Confidence Survey by the Employee Benefit Research Institute found that 33% of workers are not at all confident they will have enough money for a comfortable retirement.
One way to calculate a retirement nest egg is to figure out your expected annual spending and multiply it by 25. The average American believes they need $1.46 million to retire comfortably. Another multiplier is to aim to save at least 1x your salary by age 30, 3x by 40, 6x by 50, and 8x by 60, and 10x by 67.
Can You Read Your Lifeline?
People can experience better health and longevity in their retirement. According to the Social Security Administration, a man reaching 65 today can expect to live to 84, while a woman can expect to live to 87. One in 10 people live past the age of 95.
Let Melanie help you take your next steps, at whatever your age, to plan for a comfortable, realistic future. Contact the team for and find more information at the Melanie Bakala State Farm Olympia or Shelton websites or call 360.972.7905 (Olympia) or 360.462.2428 (Shelton).
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