Census Bureau, in 2016, median household income for Northern Virginians averaged $101,658, nearly $40,000 more per year than the average for the whole state even when figuring in that regional average. Luckily, retirement in Northern Virginia is generally a smooth segue from a life of relatively high earnings. Your son or daughter, or their kids, could suddenly need a small loan, or even serious funding assistance, today, instantly, now. They have to build an awareness of their own situation and how much they are spending.”Īfter you retire, one or more of your key investments-or your whole portfolio if you didn’t diversify enough-could go south tomorrow. “The math for retirement is pretty simple, but people’s behavior often gets in their own way.
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“In terms of how to save and when to start, in general we talk more about habits and investment temperament than about dollar figures,” Megan Brinsfield, director of financial planning at Motley Fool Wealth Management, says. For some reason, living to that age of 80 or 85 didn’t equate to 20 years retirement income to them.” He says that he would ask those applying for social security benefits at 62, ‘How long do you think you are going to live?’ “They would say ‘Oh, somewhere in my mid-80s.’ And I would say ‘Oh, you have enough income now to live another 20-plus years into retirement? And they would say ‘no,’ then they would pause. But most don’t realize that if they take retirement at 62, it represents a 27 percent reduction in their monthly benefit that they would be getting if they had waited to retire later.” “Sixty-two is the most popular age,” he says. Jason Fichtner, senior lecturer and associate director of the Master of International Economics and Finance program at the Johns Hopkins School of Advanced International Studies, says that most people hear there is an early eligibility age of 62 for retirement and don’t want to wait until 67 or later. Then there is the question of when you should retire. “I think you want to have that relationship with the planner and get comfortable with that before turning over all of that information.” People are coming in with financial information, which is very personal, she says. “Financial planning is very relationship-oriented,” Kristan Anderson, director of retirement plan services and financial planning for West Financial Services, says. They feel like they don’t necessarily want to share their financial secrets. They have managed their money correctly up until now. The problem is, not many people understand what that means-until it’s too late. To be able to live the lifestyle you lived as a wage earner for the rest of your life, enlisting the help of a financial planner is sound advice. census, all needing a good, personal financial plan to survive and thrive as a newly job-free resident.
Nearly 17 percent of all Virginians are of retirement age, according to the U. Retirement is becoming an increasingly critical issue throughout the country as more baby boomers retire. But the real trick is keeping that million dollars you earned and making it work for you when you are no longer working. Like that old bit from comedian Steve Martin, if you want to be a millionaire, first, get a million dollars. Are you ready to change your lifestyle? Do you have the assets you expected? Are your investments working for you? Whatever decade of life you’re in, retirement is heading your way.
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