How to Calculate Needs in Retirement for Couples and 5 Key Savings Strategies

Ready To Retire!

Today we dive into the crucial topic of retirement planning for married couples. With the challenge of harmonizing two different perspectives on retirement, this episode offers valuable strategies to increase savings and ensure a comfortable retirement…

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What’s included: 3 Steps to Planning an EPIC Retirement

Step 1: How will You Spend Your Time?

Step 2: Identify Your Income & Expenses

Step 3: Putting it all Together

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Connect with Danette Lowe, CFP®

https://linktr.ee/trunorthwealth

Visit Our Website: https://www.TruNorthWealth.com

Episode Summary:

We kick off with a discussion on a recent T. Rowe Price study, which benchmarks the ideal savings by age for both single individuals and married couples. For instance, at age 55, you should have five times your annual income saved, and by 65, it should be eight and a half times. Danette breaks down these figures with real-world examples, providing a clear starting point for retirement planning.

T. Rowe Price Benchmark Study: https://trowe.com/3vEJiyM

IRS Contribution Limits 2024:

https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000

The episode then guides you through practical steps to assess your financial status, including creating a Statement of Net Worth and analyzing monthly spending.

Here are 5 Strategies to Maximize Savings for Couples in 2024:

Maximize 401k and IRA Contributions: Understanding the impact of the SECURE Act 2.0 on retirement savings.

Pay Yourself First: Leveraging automatic transfers and incremental savings increases.

Eliminate High-Interest Debt: Starting with the smallest balances and working up.

Smart Management of Car Expenses: Sharing a successful strategy for car payments and savings.

Utilize IRAs Efficiently: Exploring the benefits of spousal and Roth IRAs.

Each strategy is accompanied by real-life examples and practical advice.

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About Danette: https://tinyurl.com/28pg94tt/

Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.