Your Lifespan:  This is the factor you will have the least amount of control over. We cannot predict how long we will live; however, we can plan for our quality of life post-retirement. If you assume that you’ll spend at the same rate throughout retirement as when you first retire, then that should be a good enough buffer even if you live to over 100. Just make sure to plan for how you want to spend your golden years so you can prepare accordingly.

How Long You Plan to Work: Each year you work, you gain one more year of savings for your retirement, one more year of compounding retirement assets and one more year without living off of your savings. These three things have a big impact on your financial success. If you want a good roadmap for your retirement, then consider our financial planning services. We can help you create a plan to retire comfortably.

How Much You Want to Spend in Retirement:  When it comes to creating a financial plan, spending is one of the biggest variables. It’s best if you know how much you plan to spend in retirement early on. Consider the things that will make you happy in retirement and then use that knowledge to figure out how long you need to work and how much you’ll need to save.

Your Savings:  The rate at which you save in proportion to how much you spend will greatly affect your chances for financial success. If you want to retire early, you’ll need to spend less during your retirement years or save more right now. The earlier you start saving, the better, because the money you put away will compound. A bigger nest egg when you retire means a better quality of life post-retirement.