Step 3 To Creating a Fulfilling Retirement- Finances
That's right, we are talking about the age old, ordinary, everyday question that you hear about on the news, in magazines, online and millions of books are sold about each year.
So, let's just jump right in…
Up until now you may have focused only on investment, now it’s time to paint your retirement picture.
In planning for your retirement, you must take into consideration the average life expectancy.
The good news is it has increased from 49 years in 1901 to 78 years. If you are a 65 year old female, you'll most likely live to be at least 81!
And while statistics are great and to be used as a guide… my Mom and Dad are both 85! They have already been gifted with an additional 36 years.
When asked the question, how much money do we need to retire, some experts will tell you, you need only 60 to 80% of your current income. However, the real answer is How Much Money Do YOU Need To Retire?
Each of us is different and the lifestyle we dream of in retirement is as individual and unique as we are.
So regardless of what the thousands of experts, publications and online retirement sites tell you, you must do your homework and find out about YOUR finances in retirement.
You may want a pencil and paper!
Now…some critical questions to begin with at retirement:
- will you still have children in college?
- will your aging parents need financial assistance?
- do you have health care coverage beyond medicare?
- will you have prescription coverage?
- do you have long term health care coverage?
- have you contemplated end life issues?
- what are the effects of inflation?
- can you afford the cost of living where you currently live?
- can you afford the taxes?
- do you want to own a home?
- can you afford home improvement needs?
- would you consider moving?
- do you want to be able to take vacations?
- do you like to dine out frequently?
- what are your hobbies?
- are you in good health?
- what is the cost of maintaining your health?
- will you want to provide money to your children and grandchildren?
- how much money will your investments produce?
- do you have a 401k or pension to draw on?
- at what age will you collect Social Security?
- should you continue to invest during retirement?
- should you consult with a financial planner?
and the list goes on and on.
There are literally thousands of publications and online sites covering a wide range of topics about retirement. Let's explore some of what you can learn from these publications and websites.
The Social Security Administration provides information about your estimated social security benefits, family benefits and earnings, taxes, and credits. http://www.ssa.gov/mystatement/
For questions about pension guarantees, you can contact the Pension Benefit Guaranty Corpotation at www.pbgc.gov
You may find it helpful in the process of finding out about your finances for retirement to use a "retirement calculator". You can also go to www.firecalc.com.
What I want you to do now is take it a step farther in your creating a fulfilling retirement and as yourself …Do I Need To Earn A Living In Retirement?
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