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For each person, ideas of retiring are different. Your current assets, lifestyle and health as well as the lifestyle you aspire to have in retirement are important factors in determining when you can retire.

“The question isn’t at what age I want to retire, it’s at what income.” – George Foreman

There are also other less quantifiable retirement questions. Including how will you spend your time? Are you ready to redefine your role in society from your previous employment to something new? How will your retirement impact your relationship with your spouse? Spending some time thinking about how you will spend your retirement is as important to its success as saving.

The earlier a person starts saving for their retirement odds are the better off they will be when the time comes. Although saving is essential to building a nest egg, it’s only part of the picture. Creating a strategic financial strategy early may enable you to experience less volatility, retire earlier and enjoy a more affluent lifestyle later. Then periodically re-evaluating that plan as you near retirement may allow you to get the most benefit out of your savings. Even if retirement is around the corner and you have yet to create a clearly defined retirement strategy it isn’t too late, meet with a trusted financial advisor right away.

A key component to a successful retirement plan is having a clear understanding of your current circumstances, goals and the financial tools you may utilize to reach them. Once you have a good handle on how you want to spend your time and therefore a clearer vision of your retirement lifestyle you can get a clear picture of how much income you will need to obtain those goals. Retirement is personal and depends on each individual's expectations, income levels, current savings, potential future savings or savings ability; debt repayments, expenses, spending, lifestyle choices and planned/unforeseen monetary outlays. A financial advisor will take the time to go through this process in detail, but you can get a rough idea with this  Retirement Planning Calculator.

Financial planners are there to guide people to make better choices for their retirement planning and to understand what they may expect from a monthly retirement income, so that they can live their personal vision of retired life. To schedule a complimentary consultation with Debbie Craig CFP® of Craig Wealth Advisors email us or call 231-331-5500.


By Debbie Craig CFP®, MBA, CRPS®

Branch Manager




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