Are you unsure of how much money you will need in retirement? This is a very common concern for Americans as they approach retirement age. Here are some tips on how you can begin to estimate your needs in the future and how to possibly increase the longevity of your savings.
1) How Much Should I Spend?
Track your expenses and see how much money you spend on different aspects of your life. If you track your expenses for at least a few months, you should be able to get a sense of how much money you spend on average. Also, understand that your expenses and spending patterns can and may change in retirement. Understanding your budget is the first step to understanding how you can replace your paycheck in retirement.
2) How Much Income Will I Have?
Now that you have a sense of how much you’ll need to cover your living costs, you can determine what your savings should be invested in to generate enough income to cover those costs. Add up all your income from rental properties, expected Social Security, pensions, and other investments, and compare that estimate to your monthly costs. If your costs outweigh your income, you may need to think about exploring other investment options, adjusting your lifestyle, or rethinking your retirement timeline.
3) How Many Years of Retirement Should I Have Saved For?
On average, men who retire at 60 years old can live another 22 years. On average, women who retire at 60 can live another 25 years. And while those numbers are estimates, they can at least give you a sense of approximately how long you should be considering saving for.
4) Should I Prepare for Long-Term Care?
Even though you may not need long-term health care, such as a nursing home right now, it can be a major retirement expense in the future. There are options for insurance for long-term care that you should consider. If you do decide to purchase a long-term healthcare plan, the cost of that plan will also have to be factored into your expenses in retirement.
5) How Can I Maximize the Longevity of My Savings?
Working longer is probably the best way to make sure your retirement money lasts as long as possible. Every year that you aren’t cutting into your savings is another year that you are bolstering your funds. You’ll be able to add to your retirement rather than withdraw from it. Additionally, every year that you delay claiming Social Security between the ages of 66 and 70 increases your Social Security benefit by 8%. You can also make sure your money is invested in tax-advantaged investing accounts geared towards your retirement such as IRAs and 401(k)s.












Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. Megan is also a fully licensed Life, Health, and Annuity agent. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Chase Lopez joined the ILG Financial team in 2020 as an advisor and obtained his