Are you approaching retirement? You’ve probably been planning for retirement in some way, shape or form for many years. Maybe you participate in your employer’s 401(k) plan. Maybe you contribute to a traditional or Roth IRA. Maybe you’re fortunate
enough to work for an employer that offers a pension plan.
Those are all important retirement income planning actions. As you get closer to retirement, it’s important to plan in more specific detail. How much money will you have coming in the door every month? Is that money guaranteed or could it fluctuate? How will you spend your time? How will you spend your money?
Asking yourself these questions will help you nail down the answers to more important questions: Will you have enough income to cover your expenses in retirement? And, if not, what can you do to resolve the issue? The sooner you answer these questions, the more effectively you can plan to cover any shortfalls.
An insurance agent can review your income needs and develop a plan for your future retirement income. That plan could break down in detail whether you may face a shortfall. You can also do quite a bit of planning on your own. Ask yourself the following 10 questions. They’ll help you identify areas for concern and develop action plans to resolve those issues.
- How much guaranteed income do you have?
- Which pension payout should you select?
- When will you receive your guaranteed income?
- How much will you spend?
- Do you have enough guaranteed income to cover your required spending?
- What do you do if you’re short?
- What if cutting expenses doesn’t do the trick?
- What do you do with the rest of your nest egg?
- What happens when you pass away?
- What happens if you can’t make decisions for yourself?
A happy and successful retirement starts with sufficient planning. By planning early, you give yourself the opportunity to take action and correct potential issues before they become reality.
If you have questions or wish additional insight with any of these questions, feel free to call. We would be happy to speak with you and help shed some light on your retirement questions.