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Beth A. Botti, CFP®, ChFC, CLU, CDFA™
Financial Consultant
California Insurance License #0G24537
612 Wheelers Farms Road, Milford, CT 06460
Phone: 203-877-6556 Ext. 169
Fax: 203-301-0736
Email: beth.botti@equitable.com
March/April 2025
Are You Saving Enough?
When you think about retirement, what is foremost in your mind? Freedom from work? The chance to spend your time the way you want? The amount of money you will need to save to live comfortably?
The "M" Factor
It's probably safe to assume that money will be essential to your retirement plans. Whether your goal is to retire early or to keep working past your full retirement age (the age at which you are eligible to claim 100% of your Social Security benefit), knowing how much you will need to save to pursue the retirement lifestyle you want is essential.More Than a Number
The age at which you plan to retire will impact the years you have to accumulate retirement savings. The earlier your retirement age, the more aggressive you need to be with the amount you're saving. Conversely, the longer you work, the more time you'll have to accumulate savings. Since no one can predict how long you'll live in retirement, saving as much as possible is wise.Your Retirement Lifestyle
Thinking about what you want to do once you retire will give you an idea of how much savings you'll need to maintain your lifestyle. If extensive travel or a move to a new location is among your goals, you may need to save more than if you plan to stay close to home. Your savings may stretch further if you plan to work part-time during retirement.Consider Withdrawal Methods
Many retirees withdraw 4% of their portfolio yearly. While this provides a predictable income, it has drawbacks. If the bulk of your retirement savings are subject to market volatility, your monthly income could drop, too.Another option is the fixed dollar amount. This approach allows you to withdraw only interest payments you receive from your investments, most, if not all, of which will need to be invested in fixed-income securities.
Your financial professional can help you create a saving strategy considering your goals, risk tolerance and time horizon.
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
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CFP®, and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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