One of the many challenges that people throughout the Greenville, SC, area experience is issues around their current financial status and planning for retirement. Many young professionals or those starting out in their careers focus on repaying student loans, paying a mortgage, having a family, and managing the day-to-day costs of living.
Most of these people do have some level of savings, but it is often very low. To make things more complicated, current interest rates mean even significant types of standard savings accounts are simply not increasing in value the way they were when interest rates were higher.
Realities to Consider
This is where professionals like Matt Dixon offer solutions that include long-term planning for retirement. Failing to plan for retirement limits the ability to accumulate enough wealth later in life to create the savings needed to live comfortably. Keep in mind, the average life span for individuals in the US is just about 79 years, which means if you retire at 55, you require at least 24 years of savings if you do not have passive income.
The Hidden Considerations
Working with Matt Dixon allows young professionals in and around Greenville, SC, to understand the target saving amount for a comfortable retirement. The amount of any retirement is based on what the individual or couple wants to do. If they want to stay in their current home and it is paid off, they require fewer savings than a couple that wants to move into a new location and travel in their retirement.
Matt Dixon talks about other factors that are often overlooked, including cost of living increases, tax considerations, and even potential health care costs that can be significant as people age.