4 Financial Retirement Questions to Ask Yourself

4 Financial Retirement Questions to Ask Yourself

Retirement is a goal shared by people of all walks of life and profession. The idea of being financially secure and spending time with people you love doing activities you enjoy is really appealing!

Successfully preparing for retirement involves considering some important financial and non-financial questions and then developing a plan to address them. In today’s post we look at four important financial questions to ask yourself about your retirement.

  1. When do I want to retire? Before you answer “Yesterday”, let’s think about some considerations. You need to have a stream of income that will last through the remainder of your life. Understanding the components of your future income stream are important. When will you take Social Security? How much do you need to have saved in your retirement or other accounts? Will you need (or desire) to work part-time? Understanding how you will support yourself during retirement is crucial to picking an age or date to retire. Or, maybe you know when you want to retire, if so, you will need to structure your investments now to achieve your goal. That brings us to question number 2!


  1. How much money do I need to save now? Once you have an idea when you’d like to retire and how much of a nest egg you’ll need, now you need to know how much to start saving to achieve your goal. Are your current rate of savings and your asset allocation adequate to meet your future needs? If not, do you need to save more or are you able to take more risk in your portfolio? The earlier you start investing toward your goal the more time you will have to put money aside and allow compounding interest to work in your favor.


  1. How can I pay less tax in retirement? There are several ways Uncle Sam can tax you in retirement. Wise distribution planning across non-taxable, deferred tax, and taxable accounts can help avoid unfortunate tax mistakes like pushing you into higher tax brackets or taxing your Social Security income.


  1. Do I have an estate plan? After decades of diligently working and investing and building a financial legacy, it would be a shame if the court system decided who should get your assets when you pass away. Unfortunately, this is exactly what happens to many families when someone passes away without an estate plan. Having a will and adding account beneficiaries are a starting point but there are other important things to consider.

Preparing for retirement is a big deal and these important questions can have complicated answers. Fortunately, you do not need to prepare for retirement alone. A financial advisor can help you find answers to your questions and help you establish a plan and implement steps to reach your goals.

If you’re asking yourself any of these retirement questions but don’t have a trusted financial guide to help you reach your destination, give us a call! Our team of experienced Christian financial planners specializes in helping people just like you!


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