Attending a retirement education seminar from an experienced, helpful resource is a great step on your journey to retirement security. But attending can be an overwhelming step, especially if you don’t know your current financial situation or what your retirement goals should be. Read this list of questions to ask before retirement planning so you can get the most from your next seminar.
Financial Readiness Evaluation
Consider a brief financial readiness evaluation with these questions to ask before retirement. This exercise can help you determine if you’re currently ready for retirement or if you should continue working and save for retirement a little longer:
● What are your retirement goals?
● What will your healthcare needs be during retirement?
● How much do you anticipate spending each year during retirement?
● What are your current sources of income for retirement (such as Social Security benefits, withdrawals from your retirement accounts, and so on)?
It can be hard to answer these questions on your own. Consider using a retirement calculator or working through these questions with a retirement savings expert before making any decisions.
Current Financial Position Assessment
If you’re currently saving for retirement, the next series of questions to ask before retirement seminars is all about your current financial situation. Understanding your current income, spending, savings, and debts will put you in a better position for planning your retirement strategies. Let the Financial professional know that you’re not just there for the free meal, but you’re genuinely interested by asking questions you have. Or feel free to give our team at Prosperity Group the same questions and compare 800-440-0434. Think of it as a financial health assessment that can help you identify strengths and weaknesses before you pull out a retirement calculator.
It might include questions like:
● How much risk are you willing to take? And, do you have a Safe Money Strategy™ that can provide a reasonable rate of return with Pension-like Income Strategies.
● What is your current spending per year? (And is your spending likely to increase or decrease over time?)
● What is your net worth?
● What are your current retirement savings, and how much do you save each year?
● How are your retirement investments performing?
● What debts do you hold, and how are you paying them off?
Through this analysis, you can calculate if your current approach to saving for retirement is sufficient and if your savings and income support your retirement goals. Combined with your answer to the previous questions, you can even start to form a plan regarding how much you need to save before reaching retirement and how to structure your savings.
Life Changes and Post-Retirement Planning
Depending on how far away retirement is from you, there might be several life changes to consider before retirement happens. This could include moving for a job, downsizing your home, paying for college funds, and facing higher health expenses. Even if you plan on retiring early, these factors can radically influence your saving requirements. For example, early retirement health insurance costs can become a big expense if you don’t have an employer and aren’t yet eligible for subsidized programs.
Post-retirement changes also matter. Ask yourself:
● Do you plan on moving after retirement?
● Do you plan on traveling or incurring new types of expenses?
● Are you likely to have increased medical expenses?
Anticipating both your post-retirement spending and how your pre-retirement expenses will impact your ability to save is important, and it can affect the numbers you plug into your retirement calculator. Imagining the future can help you anticipate where your financial planning strategies need to change.
Contact Us at Prosperity Group to Learn More About Our Retirement Education Seminar
At Prosperity Group, we help people of all ages evaluate their personal finances and create a robust plan also known as The Prosperity Plan for retirement savings and investments. By proactively educating yourself and understanding your finances, you can approach retirement with more peace of mind.
Contact us today to schedule an appointment so we can work through these questions together, and don’t forget to visit the Prosperity Group YouTube channel for more insights and helpful videos on retirement planning and personal finance.
*Any references to guaranteed income or pension-like income on this website pertain solely to insurance products. Guarantees are based on the claims-paying ability of the issuing insurance company.