10 Questions to Consider For Your Retirement


nestegg

You’ve saved, invested wisely and built a sizeable nest egg. Retirement is within your grasp, so it is no time to take chances. Here are 10 questions to move you towards a secure, confident retirement.

 

1              When do you want to retire?

 

The timing of your retirement is crucial to building your retirement nest egg and assessing how long it needs to last. In retirement, you will experience a fundamental shift – from saving to spending.

 

2              How much of your current income do you expect to need in retirement?

 

Your goals and challenges are unique to your life situation. The amount of your current income you’ll need in retirement depends on how much you’ve saved and how much you plan to spend during retirement.

 

3            How do you plan to spend your money?

 

How you spend during your retirement will depend on your choices and could be influenced by factors beyond your control.

 

4              Have you considered your retirement lifestyle needs?

 

What is your lifestyle vision for your retirement years? How will you spend your time? These choices may impact your spending pattern during retirement.

 

5              What guaranteed sources of income can you count on in retirement?

 

Taking into account your existing sources of guaranteed income can help determine how much additional money you require to cover basic living costs and preserve the lifestyle you’ve worked hard to achieve.

 

6              Do you plan to work part-time or full-time in retirement?

 

Perhaps you want to continue using your skills or explore new opportunities. You could also be influenced by debts or helping family members.

 

7             How do health and wellness factor into your retirement plan?

 

Focusing on your wellness is central to your vitality and enjoyment of life. You may want to consider using retirement to focus on your mental and physical fitness. It’s important to make room in your budget for health and wellness priorities.

 

8              Are you ready for the unexpected events in life?

 

When considering retirement planning, take into account unpredictable events – both financial and personal – for which you want to be prepared. Check to see if your retirement nest egg is strong enough to support you through a future economic downturn, a rise in the cost of living or a longer lifespan.

 

9              How will you keep your money working in retirement?

 

In addition to fully protecting the money you need to cover your basic expenses, many retirees want a portion of their nest egg to grow.

 

10           Do you plan to leave a legacy?

 

You might want to leave an inheritance to your family or favourite charity.

 

Retirement brings many mixed emotions, but we can help you create a vision for the future so you can plan for retirement with confidence. For more information write to themeekonomicsproject@gmail.com

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