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Are you on track to meet both your retirement and college savings goals?
February 27, 2019
Most are NOT, but why?
- People are living longer. For those couples age 65, one of you will live past 90.
- The average 65-year-old couple retiring this year will need about $280,000 just to cover healthcare in retirement. Do you have an extra $280k laying around?
- College is expensive, depending if it is a public vs private school – average in-state tuition, housing, and fees = $25,290 vs $50,900.
- You may think you are on track if you have $1 million saved by the time retirement comes around; however, this may mean you can only spend 3% of that and have it last 30 to 40 years inflation adjusted. That is only $30,000 per year or $2,500 monthly. Are you sure that’s enough?
Ok…. What should you do? Work with a Financial Advisor – Greater Midwest Financial Group can help.
- At Greater Midwest Financial Group (GMFG), we care about our clients and strive to do what is appropriate for you.
- We are CFP® Professionals who are held to a high ethical standard.
- We use a personalized approach.
- We provide thoughtful guidance. Our three principals have over 70 years’ experience.
- We have lasting relationships. Our clients average tenure is 15 years.
- Those working with an advisor generate 1.82% excess return each year, creating roughly 29 percent higher retirement income according to Forbes 2016 per Morningstar Research by D. Blanchett & P. Kaplan. You need to find one with experience and credentials that best suit your needs and unique situation.