Important Things to Consider Before You Retire
As we prepare for life in retirement there are a few important questions we should consider. Addressing these now could provide us with peace of mind and make it easier to assure the outcome we desire.
How much income will you need to live comfortably in retirement? Is it the same amount you’re making now or is it a different amount?
How much income will social security provide each month and how much will come from other sources such as pensions, investments, annuities, etc.
How much of your retirement nest egg are you willing to expose to a market decline that may take years to recover - some, none, or all of your money?
When you consider your assets, how much of your money is for living in retirement and how much are you hoping to leave to your heirs?
When you or your spouse dies, how will that affect the household income that the survivoring spouse receives?
How would you pay for nursing home stay if you or your spouse had a long-term care event that lasted for years?
Feel free to call or email me if you have questions about this or other topics.