"Can I afford to retire?" Almost every day for the past 28 years in my financial planning practice, I have been asked that question by a client or a caller to my radio and TV program - and the answer usually is, "It depends." That's because there is no one "right" answer to that question, and there are many different variables that will also come into play when figuring it out. It's likely that you've seen or read various retirement planning "rules" in the media. Some of these will tell you that you should have a certain dollar amount saved in order to retire. Others will tell you that you need at least 70% of your pre-retirement earnings coming in so that you can live comfortably after your employer's paycheck stops. You may have also heard that you have to wait until you are 65, 70, or even older in order to be financially independent, retired, and living life the way you want to be living it and doing what you want to do. But the truth is that every situation is different, and it really is dependent upon how much you will spend in retirement, where you decide to live, what income sources you will have available, the future rate of inflation, and when you opt to take that step into the next phase of your life.
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About the Author
Investor, author of 8 books including Life On Your Terms, and a licensed financial advisor for more than 28 years, Ken Mahoney is the President of Mahoney Asset Management where he offers clients tailored retirement solutions. Using data provided by the leading financial research companies Morningstar, Thompson and Standard and Poor's, Mahoney Asset Management provides detailed performance analysis and investment recommendations for goals like preparing to leave your job, purchasing a second home, or planning for retirement. Because of Ken's comprehensive financial expertise, he is sought after by CNBC, Fox Business News, ABC and the Today Show to speak on topics such as planning for retirement and stock market strategies. Ken has also been a staple on morning, drive time radio providing financial advice for 24 years to listeners in the local New York City market and can be found on A GPS For Your Finances, a financial radio program every Sunday morning while also providing live market updates twice daily Monday through Friday syndicated to over 1500 radio stations throughout the country. Having been recruited to on the House Of Representatives Banking and Financial Services Committee, he advised the Chairperson of the Committee, Congresswoman Sue Kelly on the impact of new financial regulations, Federal Reserve Bank transparency and guided the committee in asking question of Alan Greenspan. Get more information about Ken Mahoney at www.Kenmahoney.com