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5 Questions to Understand Your Retirement Needs

5 Questions to Understand Your Retirement Needs Bulman Wealth

Feeling uncertain of how much money you’ll require when you retire? It’s a typical worry among Americans nearing retirement. This blog provides some advice on ways to start gauging your financial demands, as well as some suggestions on how to bolster the duration of your savings and find success in retirement.

  • How Much Should I Spend?

One of the easiest ways to judge how much money you will need in retirement is to take stock of how much money you need right now.[1] Track your expenses and see how much money you spend on different aspects of your life. If you track your expenses for at least a few months, you should be able to get a sense of how much money you spend on average. Understanding your budget is the first step to understanding how you can replace your paycheck in retirement.

But also understand that your expenses and spending patterns can and may change in retirement. If you have a mortgage that you plan on paying off before you retire, then you don’t have to factor that into your retirement expenses.[2] The same goes for outstanding car payments or loans you plan on paying off before retirement.

  • How Much Income Will I Have?

Now that you have a sense of how much you’ll need to cover your living costs in retirement, you can determine what your savings should be invested in to generate enough income to cover those costs. Add up all of your income from rental properties, expected Social Security, pensions, and other investments, and compare that estimate to your monthly costs. If your costs outweigh your income, you may need to think about exploring other investment options, adjusting your lifestyle, or rethinking your retirement timeline.[3]

  • How Many Years of Retirement Should I Have Saved For?

On average, men who retire at 60 years old can live another 22 years. On average, women who retire at 60 can live another 25 years.[4] And while those numbers are estimates, they can at least give you a sense of approximately how long you should be considering saving for.

  • How Can I Maximize the Longevity of my Savings?

Working longer is probably the best way to make sure your retirement money lasts as long as possible. Every year that you aren’t cutting into your savings is another year that you are bolstering your funds. You’ll be able to add to your retirement rather than withdraw from it. Additionally, every year that you delay claiming Social Security between the ages of 66 and 70 increases your Social Security benefit by 8%. [6]

  • I Prepare for Long-Term Care?

Even though you may not need long-term health care, such as a nursing home right now, it can be a major retirement expense in the future.[5] There are insurance options for long-term care that you should consider. If you do decide to get a plan, the cost of that plan will also have to be factored into your expenses in retirement.

Understanding the components of a comprehensive retirement plan is only the first step in executing it. It takes doing the work and knowing the strategies available to you to properly implement a strategy that will work for you. Click HERE to sign up with Bulman Wealth Group for a complimentary review of your finances to take that next step in executing a successful retirement strategy.


All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or an indication of future results.

Opinions expressed herein are solely those of Chris Bulman Inc. dba Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual advisor prior to implementation. Investment advisory services are offered through Chris Bulman Inc dba Bulman Wealth Group, an SEC Registered Investment Advisor. Insurance products and services are offered through Chris Bulman, Inc. dba BWG Insurance Agency and Ameritas Life Insurance Corp., CA State Insurance License # 0M46922. Being registered as an investment advisor does not imply a certain level of skill or training.

Bulman Wealth Group, BWG Insurance Agency and Ameritas Life Insurance Corp. are not affiliated with or endorsed by the Social Security Administration or any other government agency.

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