Everyone has their own idea of the definition of a "Dream Retirement." At Balmville Wealth Group (BWG) we understand that the goal is two-fold. First, cross the finish line and become retired. Second, is to be able to stay retired. The mistake many people make is believing expenses will go down after retirement. While some expenses are reduced or eliminated, they are replaced with others such as: Health Care Expenses, Lifestyle Expenses, and Tax Increases just to name a few. The planning is not over when you retire! According to newly released data from the Census Bureau and Bureau of Labor statistics, as of February 2020, about 20% of Americans over age 65--a total of 10.6 million people--are either working or looking for work.
What does your "Dream Retirement" look like?
Do you want to work or give back to your community?
Do you want to live off of your assets and spend them down?
Do you want to live off of your assets and leave a legacy?
Consider: If you have accumulated $1,000,000 for retirement and need to draw $50,000 of income a year to meet your needs, and you are in a 25% marginal tax bracket.
If you invest your money in vehicles that provide you a 3% annual rate of return, your nest egg will run out in approximately 27 years. No income in year 28 and no legacy will be left.
If you invest your money in vehicles that provide you a 5% annual rate of return, your nest egg will provide you income for your entire life and leave a considerable legacy for your heirs.
At Balmville Wealth Group, we treat the retirement phase of life with the same planning rigor as any other. We take the time to reassess your goals, life expectancy, and wealth transfer wishes seeking to assure that your financial plan is compatible with YOUR idea of the "Dream Retirement!"
Silver Sneakers 101
Medicare’s popular program, offering free gym membership and health education.
