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Fenner, Melstrom & Dooling, PLC

Accountants who think like business owners.

We are your strategists, advisors and confidants.

We treat your business like our own: spending time at your facilities, participating in your planning and assigning senior professionals to guide you.

Our ultimate goal is to help you make more money. Working with us, you will learn to increase earnings and keep more for yourself. 

 

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Fenner, Melstrom & Dooling - Detroit Metro Area Accounting Firm



FMD Updates

Calculating Retirement Needs

A staple in retirement planning is the search for “your number.” That is, how much money do you need to accumulate in savings and investment accounts so you can afford to stop working? Life expectancy is increasing, so the amount you have when you retire might have to last for decades.

 

To find the number, you can start with a target for cash flow in retirement. Then determine how much you can expect from all anticipated sources of income: Social Security, a pension, rental income from investment property, and so on. The gap will probably be filled from your financial resources.

 

Example 1: Linda Morgan, age 52, hopes to retire at 65. Linda expects to need about $75,000 a year for a comfortable retirement, with approximately $25,000–$30,000 coming from Social Security. She will not receive a pension from any employer and has no other obvious source of retirement income. Therefore, Linda will need about $45,000–$50,000 a year from her savings and investment accounts.

 

Social Security has a “Quick Calculator” at ssa.gov/OACT/quickcalc/ to help you estimate future Social Security benefits. Also, you can go to


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