Retirement needs a lot of preparation on the part of the retiring individual. Just think about it, all those free time should be put into good use. Money is a major concern as well at this point as well as location. The most basic questions regarding this matter are discussed briefly below. These questions are good guides to start when going through retirement planning.

The first question is how much can a person actually spend during the span of his or her retirement? The answer to this, and to the succeeding questions, depends from person to person and from one situation to the next. In order to compute this, take the amount saved up for retirement and divide it by the annual withdrawal rate of 3% up to 4.75% depending on the age of the person upon retirement.

The next question is how much savings is actually needed in order to retire enjoyably? For those who has higher daily spending pattern, the more savings they need in order to live a life of retirement comfortably. Retirement cost is basically the answer to the first question. The more a person wants to spend, the more savings are needed.

Another critical question is this; when can a person retire? Retirement communities in Charlotte have people coming to them ranging from the age of 40 up to 60+ years old. Basically, a person can retire when he or she has enough budget for the rest of his or her retirement years.

Here is a sample budget computation for those planning to enter retirement communities in Charlotte NC. If a person is planning to spend $3,000 a month in retirement, then he needs $900,000 in the bank. If he already has $600,000 saved up and he can save $25,000 each year with 10% compounded interest, then he can retire in 3 1/2 years from the present.

When location matters, then retirement communities in Charlotte might be the best place to consider. Resident services here are superb. They have complete services such as food, transportation and health care. It is an all-in-one package without the heavy cost.