Ready To Ask 4 Retirement Questions?
You need to have a serious talk with yourself before you think about retirement. This talk should focus on how much money you have and how much you will need to live the retirement lifestyle you envision.
Retirement is a funny thing, it’s success depends on factors outside of your control. Having enough money is critical to beating those outside factors. The best way to prepare is to ask yourself key questions and then plan accordingly.
#1 – What Can You Do If You Run Out Of Money?
Picture this. You enjoy the first ten years of your retirement. You travel, golf every day, spend time on your hobbies and with your family. One day you realize that you’ve overspent plus the stock market did not perform according to your plan so you will soon be out of money.
Panic is beginning to set in. You didn’t plan on poor investment returns. You thought you had enough money to do whatever you wanted to do. Do you have a back-up plan in case your retirement didn’t go according to plan? Do you have any options?
#2 – How Hard Will It Be To Find Work
Yes you could always to back to work to generate an income again, but do you want to? And will work be available?
When you are let’s say age 75, how many companies do you think will be interested in hiring you? And will it be the type of work you want to do? Can you stand on your feet all day waiting tables or playing hostess at a restaurant or handing out carts at a retail store? Besides that there are only so many restaurants and retail stores; they will not necessarily be hiring at the exact time you run out of money.
#3 – Can You Really Ask A Loved One For Money?
So you have enjoyed spending all of your money in your retirement, are now out of money and cannot find a job.
Your next option may be to ask your children, siblings or other relatives for financial support. Can you do that? Your family and loved ones will then know your personal financial situation. How will that make you feel?
#4 – Finally, You Could Always Move In
Imagine telling your children you have to live with them because your retirement savings have been depleted and you have basically run out of money. Do you think they will be okay with that? Your child may be okay with that move but will your in-law be okay with it? Consider the position you would be putting your child into.
So are you ready for that serious talk you must have with yourself about saving enough money for retirement before you actually retire? If you do not have enough money to support yourself for at least 30 years then you should reconsider your retirement date. If you doubt this advice look at the help wanted ads and ask your children how they would feel about having you as a roommate.