“I hope you have enough”

Recently I received a letter in the mail from a charity organization.  The letter was signed with “I hope you have enough”.  This was a unique and thought-provoking way to sign a letter.  And what is actually “enough”?

When we plan for the future and retirement, we are planning to ensure that you have “enough” to last you through your lifetime.  Not knowing the exact ending date of one’s journey, the planning may exceed the time that you actually need.  But the necessity for ensuring that you have enough and do not run out of money during your last few years is paramount.

“Enough” is specific to your individual needs and wants.  Each person will have their own definition of what that means.  If you want to plan on living your retirement in comfort, or traveling, or donating to your favorite charity you will need to plan.  We work diligently to ensure that the lifestyle needs of your life and the lives of those you love are discussed and accounted for when establishing a financial plan for your retirement.

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Having ”enough” in retirement also means planning for the rising cost of living that will occur during those years.  Having the ability to pay for the same goods and services in the first year of retirement as well as accounting for the increased cost in the twentieth year is a concept that can easily be overlooked.

Accounting for the increased cost of living of approximately 3% per year must be addressed when establishing your financial plan.  The long term inflation in the United States has been approximately 3% per annum.

In addition, there may be other needs that will come up and increase throughout your retirement, including health care costs.  Looking forward to include these additional costs is paramount to your lifestyle.  You may think that you are prepared to live on less money, but it may be more difficult than you think.

Society and the media constantly indicate that we should want more.  Their message is clear: More or bigger is better.  But for most of us, we are just looking to provide a comfortable life for ourselves and those we love, without having to worry so much.  The definition of having “enough” may not be the same for all of us.  But the concept of having the freedom to live your desired life is the same and can be attainable if you plan ahead.

Plan to ensure on having “enough” for you in your retirement.

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About Maureen Crimmins

Maureen Crimmins is co-founder of Crimmins Wealth Management and a fee-only independent financial advisor. Have a financial question? ASK MAUREEN


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