Retirement Planning With Annuities

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You understand how important it is to plan for your retirement, but where do you really begin? Among your first steps should be to calculate how much income you will have to fund your retirement. That isn't as easy as it seems because retirement planning is not an exact science. 

To help you get started, below are a few common retirement expenses:

Clothing And Food

- Housing: Rent or mortgage repayments, property fees, homeowners insurance, property repairs and upkeep

- Utilities: Gas, electric, water, telephone, cable television

- Transport: Car repayments, automobile insurance, gas, repairs, and maintenance, public transportation

- Insurance: Medical, dental, life, disability, long-term care and attention

- Health-care costs not covered by insurance: Deductibles, co-payments, prescription drugs

- Taxes: Federal and state income tax, capital gains taxes

- Debts: Personal loans, business loans, credits card payments

- Education: Children's or grandchildren's college expenses

- Gift: Charitable and personal

- Savings and Investments: Contribution to IRAs, annuities, and other investment accounts

- Recreation: Travel, dining out, hobbies, leisure activities

- Care for yourself, your parents, or others: Charges for a nursing home, home health aide, or other kinds of assisted living

- Miscellaneous: Personal grooming, animals, club memberships

Remember that the cost of living will rise over time. The average gross annual rate of inflation within the past 20 years has been about 2.5 percent. If you need any help regarding the retirement plan, you can also consult Troy Michigan Estate Planning Attorney At Einheuser Legal online.