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Helpful Tips for Planning Your Retirement Simple Ways to Prepare with Financial Planning in San Marcos

Do you have a retirement plan in place? If so, you’re one step ahead of the majority of Americans when it comes to planning your financial future. However, if you don’t have a plan laid out, it’s never too late to start. The best time to plan was years ago–the second best time to plan is today. Below, we’ve outlined some helpful tips so you can start figuring out how to plan a comfortable retirement, so let’s dive in!

Figure Out How Much You Need to Save

If you want to retire comfortably, you need to plan for it. Unfortunately, relying on Social Security and special payments may not cover the expenses you’ll have after you stop working. Because of this, you’ll want to be sure you have some decent savings and investments in place before you retire. Planning for retirement is not easy and there are many factors that go into planning for your golden years, but here are some of the biggest factors to keep in mind.

Calculate Your Expected Bills & Expenses

The first step in determining how much you’ll need for retirement is figuring out what bills you need to pay to enjoy a comfortable life. This includes property taxes, remaining mortgage payments, average monthly electricity costs, average grocery and dining expenses, gas and maintenance cost for your vehicle(s), any remaining loan payments or credit card payments you have left, etc.

You’ll also need to consider any expenses you’ll need to ensure your loved ones that rely on are taken care of – if your spouse or children rely on you, you’ll need to factor that in as well.

In addition, it’s a good idea to save up for an emergency fund that can be used in the event that you or a dependent needs some extra financial assistance in the case of an emergency.

When estimating, it’s a good idea to err towards the high-side, as it’s better to have too much saved than not enough.

Estimate Your Income & Investments

Calculate how much you’ll receive from any pensions, social security, dividends, and other sources of income you will receive after you retire. This will let you know an estimate of how much money you’ll have left each after you subtract these costs. If you find yourself in the negative (more expenses than income), you’ll be able to get a picture of how much you need in savings to supplement your retirement income to help cover these costs.

With this knowledge, you’ll have another piece of the retirement puzzle: how much you’ll need to save each month to have enough in your savings and investments when it comes time to retire. But before you can calculate a decent estimate, you’ll need a timeframe for how long you’ll need your money to last.

Estimate Your Dates

There are two important dates to try and calculate and build a plan around: your expected retirement date, and approximately how long you might live. Planning your retirement date can be exciting, but planning how long you live can be difficult, and there are a lot of factors to consider.

It can be hard to know exactly when you’ll be ready to leave your job for good, so it’s a good idea to consider the average age of retirees in your line of work (64 years old is the national average). Planning how long you will live is even more difficult, and it’s not always an easy subject to reflect on. There are a lot of factors to consider, including your health, lifestyle, and family history.

However, it is important to try and estimate these dates as accurately as possible so that you can plan your retirement expenses accordingly. Once you have a fair estimate of when you’ll retire and how long you may live (better to overestimate on the latter), you’ll almost have a clear picture of how much to save. Of course, there are still a couple of other factors to consider, including how much you’d like to leave behind for your family and loved ones.

Don’t Forget About Inheritance & Estate Planning

There are many reasons why it’s good to leave inheritance for family and loved ones after you die. First, it can provide financial security for those who are left behind. It can also be a way to show your love and appreciation for those who have been important in your life. Plus, it can help to ensure that your wishes are carried out after you’re gone. It’s also a good way to ensure any remaining debts or final expenses can be taken care of without burdening your family. Whatever your reasons, leaving an inheritance can be a great way to provide for your loved ones after you’re gone.

Having a number in mind for how much you’d like to leave behind can help you figure out how much extra you need on top your expected expenses.

Plan an Emergency Fund

Create a budget for your emergency fund, too. If you have an emergency fund in place, you can use it to pay for unexpected expenses or even start saving money from the very first paycheck of the month. The most important thing to remember is that when you get older, the amount of money you need to save will increase.

Once you have a rough` estimate of the monthly expenses you’ll need to deal with, your current and projected post-retirement incomes, and your inheritance planning, you’ll be able to calculate a rough idea of how much you’ll need to have in the bank and in investments to live comfortably during your golden years.

Factor in Inflation

It’s an unfortunate fact that today’s dollar won’t be worth as much as tomorrow’s. Your current spending power today will not be the same as it is 10+ years from now, so that’s another important factor to consider when analyzing all of your retirement financial goals.

Consult with a Financial Planner

Many people across Texas (and the nation) don’t have a retirement plan, and when the time comes to retire, they will likely face financial issues during what should be a relaxing and enjoyable time. If you want to avoid the stress of worrying about money problems in your gold years, it’s a good idea to invest in your retirement by creating a plan for the future, starting today.

Figuring out how much you need can be a complicated and daunting task, so hiring a financial advisor or retirement planner can help you ensure you know exactly what you need, and work with you to create a plan to get you where you need to be financially.


Working with an advisor who specializes in retirement planning in San Marcos TX services can benefit you in a number of ways. Not only can they help you come up with a plan to help you eliminate retirement financial worries, but you might be able to retire sooner than you thought possible if you have a solid plan in place. 

If you have a family, they can help you plan so you can be sure your spouse and children are taken care of if something happens to you, and that you leave behind an inhertiance for your loved ones.

If you’re feeling stressed out about your retirement savings, don’t worry. It’s never too late to start, and a well-planned retirement can provide peace of mind and freedom from financial stress during your golden years. Contact Matt Patterson Insurance and we’ll help you get on track. We’ve been helping residents with their San Marcos Texas retirement planning needs for years, and we would be happy to provide you with the information, resources, and plan you need to make the most of your retirement years.

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