Getting Yourself Retirement Ready
The most common retirement mistake made today is not thinking about ones’ retirement until you are ready to retire; that does not give you much time to get retirement ready.
If you are you unsure whether your retirement expectations match up with your retirement requirements review this list of simple questions. If you want to avoid making the same mistakes that others make you will need to ask and answer these questions honestly. Remember that you cannot take corrective actions unless you know what needs fixing. These questions can help you determine where your financial gaps are.
How long do you plan on working until retiring?
- Will you have to retire early due to health problems?
- How much money will you need to live comfortably in retirement? A retirement calculator can help determine that amount.
- Will you have to work full time during your retirement years?
- Can you get by financially on part-time work?
- Have you accounted for all post-retirement reoccurring expenses: mortgage, association fees, insurances, car repairs, home maintenance, real estate taxes, health care costs?
- At what age will you be eligible for social security?
- What will your social security benefits be? The retirement calculator at www.ssa.gov will help.
- Will the money in your 401k, IRA’s and other investment accounts be enough to cover your expenses?
- Have you set yourself up to be too dependent upon your social security benefits?
- Are your retirement accounts invested in secure investments or investments that change with the ups and downs of the markets?
- Will you need to change your investment strategy to make your retirement investments more financially secure?
- Have you researched annuities as an investment option?
- Did you know that you cannot outlive the money invested into an annuity?
- Did you know that if set up properly, annuities are guaranteed to payout for as long as you live?
Your retirement years could last 20 years or more. Your need for money to meet expenses will never go away. Get ready for those 20+ years by preparing ahead of time. Ask the tough financial questions, get the answers, take corrective action.