Are you ready for Retirement?
In order to answer this question confidently, you’ll need to consider a variety of different factors. To help measure your retirement readiness, assess where you stand on these ten crucial items.
1. Retirement Budget
Do you know what your monthly income will be in retirement? Start by drafting a monthly budget to determine if you can confidently spend the money you have accumulated for your retirement.
2. Emergency Savings
How prepared are you for an emergency? Save at least three months of living expenses and ensure those funds are easy for you to access in the event of an emergency.
3. Tax Strategy
What is your tax strategy? Have a sound tax strategy that includes planning how you’ll spend from both taxable and tax-deferred accounts.
4. Lifestyle & Location
Where do you want to live? Think about this question in both the short term and the long run. It’s a good idea to have a plan in place that can fund a future move if you decide you want to live elsewhere.
5. Bucket List
This is the fun part! What do you dream of doing? Write down your personal goals for how you’ll spend your retirement days. Do your goals include travel, spending time with your family, or taking up new hobbies? Explore those dreams and have a plan in place so you can pursue them!
6. 401k Strategy
Do you know how you will spend your 401k earnings? Be sure to determine the best time for you to access your 401(k) funds, and be sure to securely save the information necessary to access each of your accounts.1
7. Social Security Strategy
When will you begin taking social security? Develop a strategy for how social security will fit into your overall financial plan.
8. Health Insurance
How will you handle health insurance? Understand your options with Medicare and define a strategy for covering healthcare expenses during your retirement.
9. Extended Care
How will you pay for long-term care? Have a plan ready in the event that you or a loved one encounters a health issue requiring full-time care.
10. Estate Strategy
What will you leave behind as part of your estate plan? Consider how you want your assets to be allocated and who will handle your estate after you pass.
So, are you ready for retirement?
If you’re not as prepared as you’d like to be, we are here to help. At The Retirement Solution, we can walk you through these topics when we create your personalized retirement income plan. Together, we can fine-tune these strategies so you can start worrying less and enjoying more in your retirement years. Get started with us today!
1. Distributions from 401(k) plans and most other employer-sponsored retirement plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Generally, once you reach age 72, you must begin taking required minimum distributions.
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