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Retirement Questions You Should Ask Yourself

When it comes to thinking about retirement, age doesn’t matter. Consulting a retirement income advisor 10601 is always a good idea with or without a retirement plan in place. However, to have a more realistic road map to the post-retirement life you wish to live, you’ll have to ask yourself a couple of retirement questions.

The Most Important Questions to Ask Yourself About Retirement

What Does Retirement Mean to Me?

Everyone has their own idea about being retired. Unless you want to end up getting bored during retirement, you have to plan out what you want to do. It’s best to try to figure out if you want to completely stop working after retirement, look for a part-time job, travel more, or start a small business.

How Much Do I Have Saved for Retirement?

Knowing where you stand right now is the first step to making an informed decision about how you can move forward. Once you’ve figured out what retirement means to you, you should have an idea of how much you’ll want to spend each year. To get started, you might want to check your retirement account balances for your IRAs, investment accounts, and work 401(k).

How Long Do I Have to Work?

Check if your current savings require you to work longer than you expected. You may have to decide to increase your monthly contributions to your retirement accounts or reduce your future spending needs. Keep in mind that your Social Security benefits will be greatly affected by how long you expect to work.

Your monthly check becomes bigger the longer you can go without taking these benefits. Conversely, you may want to take a smaller monthly check if you plan to retire sooner and stop working. It’s best to factor in your ability to withdraw from your tax-advantaged retirement accounts as you weigh your Social Security benefits.

How Will I Pay for Healthcare?

Since healthcare costs rise over time, financial preparation is key. Start by contributing to a Health Savings Account (HSA) if you’re qualified. Aside from the fact that contributions made to HSA are tax-deductible, the money you’ll use for health costs are will also grow tax-free.

Looking for a Retirement Income Advisor 10601?

At 1879 Advisors, we want to help you ensure smooth financial sailing once you’ve decided to retire. Schedule an appointment with our team of experts today.

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