Ready to Retire? Ask Yourself These Four Questions


Filed under: Retirement


They're enjoying the free time retirement bringsThe decision to retire is one of the more important moments of your life. If you set a savings goal years ago, you might assume that you’re ready to retire once you’ve met that goal. But because retirement readiness depends on much more than one number, you should still take the time to evaluate these other factors first. Ask yourself these four questions, and you will get a gain a greater perspective of how prepared you really are.

What am I going to do all day? You can’t wait to leave your desk behind, so you probably can’t imagine that you might find yourself bored with retirement. But that is exactly what often happens! Make sure you have a plan to fill your newfound free time, so that you still feel mentally challenged and emotionally rewarded during your retirement years.

What is my estate plan? You are probably planning to draw upon your nest egg for the next twenty years or so. But what happens if you get sick, become incapacitated, or pass away prematurely? Have you made a plan for your spouse or any dependents? Estate planning is another important step in the retirement planning process. Don’t wait too long to make these important decisions.

What is my risk tolerance? Your personal risk tolerance might change over the years. For example, young people are often more willing to take risks with their money, because they have time to make up for any big losses before retirement. But as you grow older, it is usually unwise to gamble unnecessarily with your retirement fund. Before you retire, call us to discuss your investment strategy. We can help you assess your new risk tolerance and make the necessary adjustments to your long-term financial plan.

How should I structure my withdrawal strategy? You’ve spent years accumulating your retirement fund; now it’s time to decide how to spend that money. Regular withdrawals from your retirement account will comprise a significant part of your income, but there are many factors to consider before you decide upon a strategy for those withdrawals. Issues such as inflation, the cost of healthcare, taxes, and various financial emergencies can impact your plans. Before you retire, call us for an appointment and we will discuss how you can balance your long-term withdrawal strategy with your goals and budget.



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This information has been provided by a licensed insurance professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting the insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax, trust and estate, or investment advice. Infinite Wealth Advisors is not an investment advisory firm.  Investment Advisory Services provided by NAMCOA® – Naples Asset Management Company®, LLC, a federally registered investment advisor, website: www.NAMCOA.com .