Calculating your retirement needs

There are a number of factors to take into account in determining your retirement needs.
 
They are as follow:

• Find out what annual income, before taxes, you would like to receive during your retirement in today’s dollars.
•  Determine what age you wish to retire.
• Ascertain your future retirement income sources. These will likely come from three main sources: Government benefits,Private pension plans and,Personal savings.
• Other assumptions you will need to make are future tax rates, inflation and rate of return on your investments.

It is advisable to contact a qualified financial advisor to assist you with the preparation and implementation of your plan and then provide you with periodic up-dates.