Jack Woods

 

Central Business Solutions 

301 Lynnfield Street, P.O. Box 3169 Peabody, MA 01960

 

Phone:  978-532-0266

Fax:      978-532-9105

 

1147 Main Street, Suite 213, P.O. Box 299 Tewksbury, MA 01876

 

Phone: 978-851-8044

Fax:     978-851-9332

 

Email: jack@cbps.com

September 2018

How Much Is Enough?

How much will you need in retirement? The problem with this question is there is no one-size-fits-all answer. Your number will depend on many factors, including the following:


YOUR ADDRESS.
The two coasts are generally among the most expensive places to live, with big cities like New York, Chicago and San Francisco among the priciest.


YOUR TAXES.
State and local taxes can take a chunk of your retirement income, even after the federal government takes its share. Some higher-tax states, however, exempt some retirement income from taxes.


YOUR HEALTH.
The healthcare bill for a couple from age 65 until death can exceed six figures, even with insurance. Make sure you have the health insurance you might need.


YOUR TRAVEL.
Most retirees begin to travel less as they reach age 75 to 80. Before then, how much you plan to travel before settling down and how expensive that travel is can have a big impact on your retirement savings.


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