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Many Americans feel underprepared for retirement even millionaires.
Heres a look at millionaires biggest retirement fears, andwhat they and you can do to assuage these concerns.
Underestimating Their Tax Burden in Retirement
The No.
The state you reside in and whether your retirement income is taxable there can significantly impact your finances.
Average income earners should also keep state taxes in mind when choosing where to retire.
Proper planning is essential to ensure that your retirement income meets your lifestyle needs.
Not Having Enough Saved To Retire Comfortably
The No.
2 retirement planning question among millionaires is, How much money will I need to retire comfortably?
Thirty percent of millionaires said this is a question they had.
Determiningthe amount needed for a comfortable retirementis highly individual and depends largely on your pre-retirement lifestyle, Gould said.
Conversely, those who have been bigger spenders may find it more challenging to replicate their previous income levels.
No matter which camp you fall into, Gould said that early planning is key.
Utilizing budgeting tools and projections can help maintain a comfortable standard of living, he said.
Consider factors like travel, entertainment and other lifestyle expenses.
Outliving Their Savings
Millionaires No.
The risk of outliving your savings is a genuine concern, Gould said.
Makingwell-informed financial decisionsduring retirement is crucial.
Gould said that mostretirement planning mistakesoccur within the first five years post-retirement.
To mitigate this risk, it is essential to have a well-thought-out plan that dictatessafe spending limits.
Another thing to keep in mind is how your retirement savings are allocated.
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