Article

Questions to Ask Before Retirement

Questions to Ask Before Retirement

Questions to Ask Before Retirement

As you approach retirement, it’s important to know what you are doing, whether it’s your finances, your living situation, or anything in between.

Here are some questions to ask before retirement reaches you!What’s your ultimate goal for retirement?

What do you plan to do with your time? Are you the type who likes to travel or do you prefer spending your days on the golf course? Retirement could last quite sometime, so knowing how you will fill your days and the personal goals you want to achieve will help dictate everything else.

How long will you live?

There is no way of knowing the answer to this, but you can get an educated guess from your doctor or other health professional. By looking at current health and family history, you should be able to get a good guess for how long you will live. This will be important for financial planning as well as long-term care planning.

Should you work longer?

No one is forcing you to quit your job (or at least we hope not)! If you love your job, love what you do, and can’t imagine a world where you don’t get to go to work every day, well, maybe it’s not your time to retire yet.

What are your expenses and your income sources in retirement?

These two things will be important for creating a financial plan in retirement. If you don’t know how much you spend on a regular basis (whether it’s monthly or annually), then you won’t be able to know if your income is sufficient.

How much debt do you have?

Get a good understanding of your debt situation to know if your retirement income will cover that as well as your expenses. Debt can be crippling if you don’t acknowledge it and have a plan to take care of it.

Do you have enough money to retire?

Now that you know what your expenses are, what income sources you have, and your debt, now it’s time to ask the big question…will you have enough money for ALL of your retirement? This might be a time to think about working with a professional to help you answer this question.

Should you move?

This can be a hard question to face with many different answers. You may simply want to move from your current home to something smaller and easier to maintain. Maybe you want to move to a warmer climate. Maybe you want to move to be closer to family. If you are thinking about moving during retirement, here are some key things to take into consideration:

  • The cost of housing or living
  • Access and proximity to important things, such as healthcare, family, etc.
  • Weather
  • Taxes (state income, real estate, etc.)

When should you apply for Social Security?

If you don’t know the rules for applying for social security and when is the best time to get the most benefit, you may want to check out the Social Security’s website to get an understanding of all the benefits you could potentially get from this service.

What should you do to prepare for an illness that requires long-term care?

As we age, our health may deteriorate. It’s better to be prepared for these situations if they arise then be surprised when they show up. Knowing what your plan is to handle a long-term care situation for either yourself or your spouse will be important for all your loved ones as you get ready to retire.

These are just a handful of many questions that you may be asking yourself as you get ready to retire, but maybe some of them you haven’t taken into consideration and will help become even more prepared.