Get ready to retire
Approaching retirement is exciting - and probably a little overwhelming. After all, it's a big lifestyle change you'll be facing. Consider ahead of time how that change might affect your finances, so that you can look forward to retirement rather than fear it.
Estimate your expenses
Take your list of current expenses, everything from mortgages to grocery runs, and check off those that will still be with you in retirement. Next, think of your new expenses, like additional vacations, golf club memberships, medical care costs and so on. Based on these factors, you should estimate how your current cost of living will change. Typically, retirees spend 60% to 80% of their pre-retirement levels.
Evaluating Your Retirement Savings
Now that you've had a chance to evaluate your retirement costs, you should consider how your existing assets will pay those bills. Pull out your investment statements, including existing employer-sponsored retirement plans, IRA accounts, pension plans and even non-retirement account investments.
With that information in hand, you can use our retirement calculator to determine how close you are to your goal. It will also tell you how much you need to save going forward to make up the difference.
Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus , or if available, a summary prospectus containing this and other information. Read it carefully before you invest or send money.
A IRA should be considered a long-term investment. IRAs generally have expenses and account fees, which may impact the value of the account. Non-qualified withdrawals may be subject to taxes and penalties. Maximum contributions are subject to eligibility requirements. Depending on your eligibility, you may not be able to contribute the maximum amount. For more detailed information about taxes, consult IRS Publication 590 or your tax adviser regarding your personal circumstance.
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