Retirement income calculators are everywhere online. What’s more, they’re fairly simple in nature: plug in some current income and savings, expected rate of return, an inflation factor, and eventually it’ll spit back a number that you should aim to have in your portfolio that’s supposed to give you the income you need. The trouble is - they’re often way off the mark.They may tell you that if you need, say, $100,000 of income to retire at age 65, then that number will rise to perhaps $230,000 or more by the time you’re age 95 because of the inflation factor. But from our experience, this just isn't practical in the real world. As retirement goes on, spending (and income needs) tend to go down over those years - not up.What this means is that you may not need to have as much socked away in your portfolio as those online calculators would suggest. Find out more about retirement spending, retirement income, and the potential value of financial advice with hosts Johnny Dean and “Professor” Rick Plum on this week’s edition of Managing Your Financial Future!See omnystudio.com/policies/listener for privacy information.
