Am I Asking the Right Retirement Questions?

Retirement questions
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People of all ages have retirement questions.

At least they should.

Regardless, most people think about retirement at some point throughout their careers.

Some envision a life outside of the office.

They imagine traveling, devoting time to hobbies, and visiting grandchildren.

Others primarily consider the financial implications of retirement.

According to a recent Kiplinger article titled “Turning 60 Checklist: 10 Key Retirement Questions to Ask,” the urgency of these considerations increases each year.

Retirement questions need to be answer before you stop working.
You are not alone if you have retirement questions.

At age 60, people tend to focus more on the transition to retirement.

What are some of their common retirement questions?

Some questions deal with the amount of money saved.

Perhaps you have seen advertisements on television asking whether you know your “number” yet?

So, ask yourself: Have I saved enough for retirement?

If I only have five to eight years before I retire and do not have enough saved, what should I do?

Other questions revolve around retirement accounts themselves.

For example, is it wise to do an “in-service” rollover into an IRA at age 59½ while still employed?

Should I convert my traditional IRA to a Roth IRA to give me the option of withdrawing tax-free funds?

Still other questions focus on the retirement portfolios.

So, ask yourself: Am I adequately diversified?

Should I reduce risk in my investments?

Other retirement questions involve income in retirement.

So, ask yourself: What portion of my retirement income is guaranteed rather than involving the drawing down of fluctuating accounts?

And then there are the inevitable Social Security questions.

When should I begin taking Social Security benefits?

While you are at it, proper consideration should be given to incapacity and retirement planning.

How will we pay for long-term care?

Have I updated my estate plan recently?

Should I have life insurance beyond retirement?

Would my spouse be set financially if I die?

Should I write down a retirement plan?

All of these retirement questions should be discussed with your spouse, your financial planner, your CPA, and your estate planning attorney.

Having a plan for retirement will enable you to enter your golden years with greater financial security and confidence.

Reference: Kiplinger (Dec. 23, 2020) “Turning 60 Checklist: 10 Key Retirement Questions to Ask”

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