Lawyers often feel unprepared for retirement due to factors like law school debt and lifestyle inflation. Understanding retirement costs is essential as it directly influences financial planning and lifetime security. Even slight changes in monthly withdrawals from retirement savings can significantly impact how long funds last. A consistent retirement planning approach requires knowing current spending habits and accurately assessing future financial needs. Awareness of expenses can shape retirement success and prevent financial shortfalls later in life.
If you withdraw $7,000 monthly from a $1,000,000 portfolio growing at 7% annually, your money lasts 27 years. Bump that up to just $8,000 monthly? You're looking at only 20 years.
Understanding your expenses is critical. The difference between understanding your expenses and taking a wild guess could cost you years of retirement funding.
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