Evaluating Your Retirement Needs
If you retired today, do you have enough money to fund your desired
retirement lifestyle?
It may be a difficult question to answer because there are so many variables to consider. However, it is important to evaluate your present financial situation, and attempt to forecast your retirement picture. The easiest way to begin is to consider the following calculations in two separate stages: “Pre-retirement” and
In your “Pre-retirement” calculation, you need to ask yourself the following questions:
- What is the market value of all my investments today (e.g. IRAs, company pensions)?
- How much money do I save each month for investment purposes?
- What is the average rate of return I can generate on my investments until I reach retirement?
- What will my investment portfolio be worth at retirement based on the former assumptions?
For the “At Retirement” calculation, you need to ask yourself the following questions:
- How long do I expect to live, or how long do I need the money to last?
- How much money will I need/want each month after taxes?
- How much income can I expect to receive from Social Security?
- How much pension income can I expect to receive from a company pension plan?
- How much money can I draw from my personal retirement portfolio and for how long, assuming my portfolio generates a rate of return of _x_ during my retirement years?
While these calculations may seem complex, there are online tools available and HSBC Advisors to help you find answers to the above questions. It is important to keep in mind that the further away you are from retirement the more challenging it can be to come up with accurate answers to these questions. However, the questions are very important to consider as they are a great assessment tool and can help you better understand whether or not your retirement plan is on track or needs adjustment. By using our Retirement Tool calculators below, you can quickly evaluate your retirement picture. These tools can assist you in determining whether you have enough savings or whether you may need to make adjustments in planning your retirement. Whether the calculators reveal positive results or a need to make some adjustments, continue reading. You will learn ways to help put your retirement plan in good order.
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HSBC Securities (USA) Inc. or any other member of the HSBC Group may from time to time underwrite, perform or seek to perform investment banking services for issuers or make a market or otherwise buy or sell as principal securities or other instruments, or together with the issuers directors, officers and employees may have either a long or short position in securities, commodities, currencies or other instruments or futures or options contracts convertible into securities or other instruments.
All decisions regarding the tax implications of your investment(s) should be made in connection with your independent tax advisor.
