Page 49 - AAA Magazine – AAA Ohio Auto Club – September 2019

Five Tips for Retirement Income Planning
Photo: iStock/ gilaxia
It’s never too early to start dreaming about retirement. And it’s never too early to start taking stock of your situation and figuring out how to comfortably fund those retirement dreams. The key to success is to start saving early, educate yourself and review your plan and progress regularly. The following tips touch on a few of the many considerations involved in planning
for income in retirement:
Get Clear Now on What You Are Spending and Saving Each Month
Many people have no idea what they spend every month. However, this – along with savings – is a crucial piece of information when planning for retirement.
If you aren’t sure how much you spend each month, you can estimate using the following method:
• From your pay stub, figure your monthly gross
pay minus taxes.
• Total how much you are saving each month in
your retirement, investment, savings and other
accounts.
• Subtract your savings from your monthly
after-tax income. The resulting figure is a close approximation of what you are spending each month.
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