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A Retirement Budget that Works

D Kelly-Dohse 2014
Denise Kelly-Dohse, CFP®
Vice President, Wealth Advisor
[email protected]
(585) 419-0670 x50619

There’s no time like the present to start thinking about your retirement budget — even if retirement is still several years away. By looking ahead, you’ll be able to see if the money you’ve saved will be adequate to meet your retirement needs.

What Do You Want?

You probably have two general goals for your retirement savings. Your first goal is to have enough money to cover your basic living expenses: rent or mortgage, food, utilities, taxes, transportation, insurance, and so on. Your second goal is to have enough to pay for the extra things you’d like to do during retirement: travel, pursue hobbies, spend time with family, relocate, or any other plans you’ve dreamed about.

You probably have a good idea of how much your basic expenses will be, but what about the extras? Think about how much they will cost. If it’s more than you think you’ll be able to afford, you should consider increasing your retirement plan contribution while you’re still working.

Here’s to Your Health!

You’re probably covered by your employer’s plan right now, but what about after you retire? Health-care coverage can take a big chunk out of your retirement income. Medicare provides only basic coverage — and you have to pay for it. Unless your employer offers retiree health insurance, you’ll probably want to buy a supplemental policy as well.

Make a Practice Budget

Your financial professional can assist you with designing a spending plan. First, write down all the expenses — basic and extra — that you expect to have in retirement. Then, estimate your retirement income from all sources — pensions, employer retirement plans, individual retirement accounts, Social Security, etc. Will you have enough income? If not, start thinking of ways to increase it. Contributing more to your plan, continuing to work for a few additional years, or getting a part-time job in retirement are possibilities to consider.

CNB Insurance Agency is a wholly owned subsidiary of The Canandaigua National Bank and Trust Company. Products offered through CNB Insurance Agency are not deposits or obligations of, or guaranteed, or endorsed by, The Canandaigua National Bank and Trust Company. These products are not federally insured by the Federal Deposit Insurance Corporation or the Federal Reserve Board. Insurance Companies offering products through CNB Insurance Agency are independent of and not affiliated with The Canandaigua National Bank and Trust Company or CNB Insurance Agency.

This material is provided for general information purposes only. Past performance is not indicative of future investment results. Any investment involves potential risk, including potential loss of capital. Before making any investment decision, please consult your legal, tax and financial advisors. Non-deposit investment products are not bank deposits and are not insured or guaranteed by Canandaigua National Bank & Trust or its affiliates, or any federal or state government or agency and are subject to investment risks, including possible loss of principal amount invested.