By: Rob Schulz, CFP®
June 25, 2010
A large insurance company is currently running an advertising campaign, “Do You Know Your Number?” and I like it so much I am going to steal it!
You should know your number because the first step towards a solution is identifying the problem. For most of us, retirement will by far be the largest financial expenditure of our lives. Therefore, the question is: “How much money do I need to save to be able to retire and remain retired for the rest of my life?” The answer to the question is your number, and you need to know what it is.
Everybody’s number is different and there are many ways of calculating it. Your number is dependent upon many variables and assumptions that can significantly alter the outcome. With some of my clients I spend a great deal of time and effort carefully calculating and re-calculating their number and progress towards their goal on a quarterly basis.
ROB SCHULZ, CFP®
By Rob Schulz