You have a vision for your retirement; are you prepared to make it a reality? According to the U.S. Government Accountability Office, the average American is underprepared—41% of households headed by someone aged 55-64 have no retirement savings.
How can you transition into a happy retirement even if your savings fall short of your goals? The experts at Busey recommend creating a realistic picture of your retirement, based on your resources and expenses.
1) Estimate your income. Use Busey’s financial calculators on busey.com to guide you through the process.
2) Project your retirement expenses—including food, clothing, housing and healthcare costs. If you still have an outstanding balance on your mortgage and other debt, include those as well. Plus, factor in a reserve for medical expenses.
3) Consider additional income sources. Plan how you will disburse any savings throughout your retirement, and calculate your Social Security income. The longer you wait to claim your benefits, the higher your monthly benefit will be. Estimate any pensions as well.
Prepare for retirement with several savings options—including an Individual Retirement Account (IRA) and employee benefit plans like 401(k)s, profit sharing and Employee Stock Ownership Plans (ESOPs).
Busey Wealth Management can help ensure you’re on track to retire. Complete a Retirement Assessment in the Resource Center on busey.com and meet with a Busey Wealth Management professional to review your financial picture. Their experienced team will help create a plan designed to achieve your financial goals. BANK BY APPOINTMENT on busey.com.