Total Financial Solutions President/CEO Arif Halaby is offering a simple way of figuring out just how much money you will likely need in order to retire.

“For a lot of folks, you think you need this elaborate financial plan,” said Halaby, a Certified Estate Planner. “If you’re a spreadsheet kind of guy or gal, fantastic, but for the rest of us ‘normal’ people that don’t live on Excel, how do you plan for your future when you’re busy?”

Instead of stressing over the tiny details involved in budgets, interest rates, expenses, assets and more, Halaby recommends simplifying things by first asking yourself if you’re comfortable with your financial life now.

Related: Total Financial Solutions: Practical Things To Consider Before Choosing Where To Retire

“(This) means you have enough money coming in to do the things you want to do, to pay your bills,” Halaby said, adding that this also means being able to pay credit card bills in full.

If so, then the next step is to write down your net pay — the total amount of money you get after taxes — per paycheck, and add your spouse’s net pay as well.

“How much does your paycheck net? $2,000 every two weeks. Okay, that’s $4,000 a month. What about your spouse? Another $2,000 (every two weeks). So you spend $8,000 a month,” Halaby said. “Do you like the way your life is? ‘Yeah I like it.’ Boom, there’s your budget. That’s it.”

While this budget number can be “plussed” and “minused” a bit to take into consideration that you will probably have your house paid off and your children will be financially independent by the time you retire, Halaby stressed the importance of not getting overwhelmed by those small details.

Jeff Girard, Halaby’s co-host on “Total Financial Solutions Safer Money Hour” on KHTS, recalled Halaby recently speaking with a client about just how easy budgeting can be.

“You said, ‘Take the number that you’re bringing in and what you spend each month,’” Girard said. “‘Is there any money left over? (If yes), great, you’re in good shape. Did you go into debt? Okay, then you have to make some changes.’ It’s really that simple.”

The next step is to determine the age you want to retire, which will give you a ballpark idea of about how many years you will need to support yourself in retirement before passing away.

“If I’m going to retire at 60 years old, then take that (budget) number, times 12 for the year, and then times it by 25,” Halaby said. “If you’re going to retire late 60s or early 70s, times it by 22. If you’re going to retire or stop working at 73, 74, 75 or more, times it by 18 to 20 and you’re good. Simple.”

Total Financial Solutions prides itself in helping its clients design a higher income strategy, protect their principal and lock in their gains, all while securing reliable income for retirement.

For a free consultation, contact them by calling 888-99-RETIRE or by visiting their website www.TFSwealth.com.

Total Financial Solutions offers assistance with preparing for retirement in Santa Clarita and the surrounding valleys. Santa Clarita financial professional Arif Halaby, a Certified Estate Planner, and Total Financial Solutions staff work with people of all ages, helping them protect, grow and preserve their assets through an individualized approach. As a well-known financial professional, Arif Halaby is also the host of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220. Launched in 2004, the show offers listeners retirement planning tips and guidance for dealing with today’s ever-changing financial needs.  

Total Financial Solutions, Inc.

24322 Main Street

Newhall, CA 91321

661-753-9683

800-990-7344

Total Financial Solutions – Newhall

https://www.youtube.com/watch?v=RCuBcSQYNRI

Arif Halaby, Total Financial Solutions, Financial Planning, Planning for Retirement, Retirement Planning