Are you retirement ready? Officials have some tips to ensure you’re prepared when the time comes

DELAWARE – How long do you think you could live off of $1 million once you retire?
CEO of Gunn Wealth Management, La Mar T. Gunn, said you shouldn’t let all of those zeros fool you.

“Is $1 million enough? No, it’s not enough, depending on who you are,” Gunn said.

Looking at the necessities, like housing, transportation and health care,
Gunn said you may be able to stretch that money out for a few years. But retirement is all about doing the things that you couldn’t while working full time, so he said you should also plan for those expenditures.

“At Gunn Wealth Management, we don’t preach just enough, or how much do you need to just live. Retirement is supposed to be a fun time, so why not have more than enough,” Gunn said.

Enough to leave some dollars behind to generate generational wealth and stamp your passport.

“The goal isn’t just to survive,” Gunn said. “We try to teach clients possibly, if at all, to leave an inheritance for their children’s children, [and] do everything that they would like to during retirement, as far as travel.”

It’s also important to plan where you will retire. President of the Delaware State Chamber of Commerce, Michael Quaranta, said the First State has become a hot spot for retirement because of its proximity to major cities, and people have the beach right in their back yard.

“The vast majority are moving to Sussex County, in the beach area,” Quaranta said. “Sussex County is the fastest growing county in the United States on the Eastern seaboard, from the mid-Atlantic up to the northeast, by percentage.”