Income replacement is used to determine what you need in order to transition from your current or future paycheck into retirement or replace your current income. Finley Davis Financial Group can help you understand what you need to save in order to achieve your ideal retirement goals.
The right income replacement ratio will vary by individual circumstances. You may not have a mortgage or childcare payments in retirement, so the percentage of expenses coming out of your income may be less. However, you may have increased expenses for medical coverage or long-term care.
In addition to determining how much to save, we can help you determine when to retire to maximize your social security benefits.
If you are an individual interested in Income Replacement strategies, please give us a call at 541-342-2224 to schedule an appointment.