Most people look forward to the day when they’ll finally be able to hang up their work boots and enjoy themselves in retirement. Even if it’s a long way off, it’s the steps you take today that will allow you to live your best life in the future.
There are a variety of retirement planning questions you must address, all of which are meant to ensure that you’re making decisions that work in favor of your long-term financial plan.
Here’s a good place to start:
- What is your current retirement saving strategy? For example, are you using an IRA, 401(k), or combination of both?
- How much money do you comfortably need to save in order to maintain your lifestyle in retirement?
- Do you understand the tax implications associated with your retirement plan? How does your strategy impact you now? How will it impact you in the future?
- What types of changes should you make to your retirement plan as you close in on your target date? For instance, do you have a plan for moving your money away from riskier investments?
- Have you taken the time to ensure that your retirement plan and estate plan share the same goals?
It’s safe to assume that you can quickly answer some of these questions. Conversely, there are sure to be others that require more of your attention. For example, you may not understand the tax implications of your retirement savings account, so you need to consult with your tax professional.
When it comes to retirement planning, it’s never too soon to get started. As long as you know what you’re trying to accomplish and have set clear goals, you’ll find yourself in a position to enjoy yourself when the time comes.
If you have questions or concerns about retirement planning, visit this page of our website. You can also contact us for a personalized consultation to ensure that your plan is designed to meet all your goals.