9 Year Mortgage: Steps to Close your Retirement Gap

9 Year Mortgage: Steps to Close your Retirement Gap

Here at 9 Year Mortgage, we know that most retirement planners are facing a gap between their retirement goals and their actual retirement savings. Taking the initial retirement planning steps, setting aside and investing money, is the start of creating a retirement plan that you want. However, there are some other steps you can take to make sure that you will truly have enough money to cover your needs in retirement.

Step one: Calculate how much money you need to retire at your desired age with the lifestyle you wish for.

Begin with your current budget. Look into which expenses you plan on eliminating or reducing and also which expenses will increase or stay the same. Plan to have extra expenditures for new hobbies and traveling, as well as for rising medical and long-term care expenses. 9 Year Mortgage suggests a simplified way to determine all of this: Think in terms of income replacement, and how much money you will need to replace your income in retirement. This number will be different for every situation.

Once you have your income needs calculated, you will likely want to use a retirement calculator to measure your total needs. These calculations include the number of years planned to be retired, the amount of money you should receive monthly from retirement investments, and your annual expenses.

Step 2: Figure out how much money you are on track to have by retirement.

9 Year mortgage suggests that you look at your present savings and your investing behaviors. If you go back as far as possible, you will be able to determine your future net rate of return with little discrepancy.

Step 3: If you find there to be a gap between what you have and what you need (and most people do) determine ways to get more money into your retirement savings.

9 Year Mortgage knows that, generally, the best ways to do this are by saving more, or creating an investment strategy that will help you to meet your earnings goal. Saving more money is simple enough, adjust your present budget to eliminate unnecessary costs in order to contribute more money to your 401(k) and/or other retirement savings plan. Increase your contribution rate each time you get a salary raise.

To make the most of your investing strategy, create a portfolio that fits your risk tolerance and spreads risk across numerous asset classes. Also, select funds that have performed well historically and have reasonable costs, as well as other important factors. Keep in mind that historical performance is not a guarantee for future performance. 9 Year Mortgage suggests that it would likely be smart to consult with your financial advisor for help in this area.

Step 4: If there is still a gap, adjust your expectations for your retirement lifestyle.

Some examples that 9 Year Mortgage suggests for doing this include: Delaying your retirement for a few years, working part time during retirement, planning to live in a more modest home, give up things you don’t really need, and possibly traveling less.

Merely saving for retirement without a strategic plan is not enough. 9 Year Mortgage encourages you to uncover the gaps in your strategy before the time to make corrections is up.

Will The 9 Year Mortgage Plan Work For Me?

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