10 Questions for Your Retirement
According to the U.S. Census, there are over 75 million Baby Boomers (born between 1946 and 1964) in America. That equates to a lot of people either approaching or already at retirement age.
The old fashioned idea of working for 40 years, retiring with a good pension, and a comfortable retirement is no longer the norm. For older Americans who are nearing retirement age, there are many factors to consider.
Here are some questions that will help you prepare for your golden years:
1. Have you assessed your financial situation?
Estimated annual expenses during retirement
Estimated annual income during retirement
Total current assets and savings
Total current liabilities
Health insurance coverage
Long term care insurance coverage
Life insurance coverage
Wills, Power of Attorney, and other estate planning essentials
2. What are your retirement goals?
Pay off mortgage?
Fund children’s education?
Retirement property investment?
3. What are your expected retirement income sources?
Savings and investments
4. If needed, have you considered needing additional income in retirement?
5. Have you factored in inflation, taxes, and conservative rates of return?
6. Do you have a 401(k) or IRA?
7. Do you have or have you considered purchasing annuities?
8. What other investments do you have?
Cash value life insurance?
Stocks and bonds?
9. Have you discussed changing your investment strategy once you reach retirement with your financial advisor?
10. Have you considered your estate planning strategies?
Durable Power of Attorney
Advanced medical directives
Once all the relevant data has been gathered, it’s time to calculate exactly how much income will be required. A good retirement calculator can help assess the income needed to support a comfortable retirement.
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