Ten Questions to Answer Before Retirement

Successful retirement only happens once. The question is what will your retirement look like? Will it represent the best years of your life or something else?

web-axstj-family012-1013-2047-(1).jpgThere are dozens of financial issues to consider, many of which you may not even be aware.

Here are 10 critical questions to ask before you retire:

How much money can you withdraw from your retirement savings each year without running out?

1.   What will you have to pay in taxes once you start taking money from your investments?

2.   Should you begin taking Social Security at 62 or wait until full retirement age? Do you know what your full retirement age is and what the difference in benefit will be?

3.   How will future inflation impact the amount of money you’ll need to live on?

4.   How should you invest your retirement savings once retired? How conservative should you be?

5.   Should you pay your mortgage off before retiring?

6.   How will you pay for health insurance?

7.   Do you qualify for Medicare?

8.   Should you buy Long Term Care Insurance?

9.   What would happen if your spouse were to die?

10.  Do you have an updated will in place? And, a medical power of attorney?

By answering these questions you’ll be better equipped to make informed and confident decisions about the various life choices that can significantly impact your financial well being in retirement. So whether you seek the advice of a professional or choose to go it alone, be sure to get your financial house in order so your retirement years represent enjoyment rather than regret.