Answers | 1
Financial Planner in Burlingame, CA
July 31, 2018
In order to answer your question, I highly recommend you consult with a financial advisor for a full, in-depth analysis of your specific situation.
Many people underestimate the cost of retirement. In general, we are living much longer than previous generations, so you have to make sure you don't run our of money while still alive and in need. With longer lifespans comes bigger costs for health care, and for many people, Long-Term Care as well. A common mistake for retirement assumptions is that we will need less money in retirement than when we worked. The question is what will you do with all that free time? Travel, improve your golf game, etc? That takes money.
Start with a basic budget. Look at all your essential expenses, then add all of your lifestyle expenses. Now compare with your guaranteed income from sources like pensions, rental income, and in your case, future Social Security income (if you have been paying into the Social Security system).
Now look at the difference. For most people, there is a shortfall. This is where a financial advisor can help you by looking at your retirement accounts, savings and investments, as well as your investment strategies, and help you determine whether you can, in fact, afford to retire at age 57.
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