Questions to Ask Before You Retire

Are you headed toward retirement? If so, this is a significant lifestyle change, and there are many things to consider. At Advanced Wealth Advisors, we want you to be able to head into retirement with confidence, knowing you have all of your ducks in a row. That is why we offer retirement planning services. In the next few blogs, we are going to explore several helpful questions to ask yourself about your future outside of the workforce.

What does an ideal day in retirement look like?

Finances are part of a retirement plan, but they are not everything. Even if you are well-supported, if you leap into retirement without any purpose, you will probably find yourself feeling lost and depressed. We recommend you sit down and plan your ideal day hour-by-hour. Know exactly what you will do when you wake up and what you will do before you go to bed. This foundation will be a huge help to you!

Do you have current debt?

Retiring with debt can lead to a very stressful situation. Many people are working longer and longer these days in order to pay off their debts. When you connect with Advanced Wealth Advisors, we will be able to assess your current financial situation and help guide you to success. Work with a financial advisor to determine what level of debt is appropriate for you in retirement, if any. Many people wish to enter retirement debt free, reducing worry and stress.

Do you have a life plan after retirement?

Though it’s important to plan out what a typical retired day looks like, it’s also important to zoom out and understand the bigger picture. People who see retirement only as a way to escape their current life end up being dissatisfied with the results. Rather than planning to golf week after week for years, take a moment to find a new mission. It can be the renewal of old dreams, learning new skills, volunteering, or investing in your family. The sky is the limit – just make sure there’s something up there! Make sure you work with a financial advisor who understands what your retirement plan goals are.

How much money do you need to retire?

This is where Advanced Wealth Advisors can pave a path for you! We know how to gather a full financial picture, including sources of income, investment, and withdrawal strategies. True peace of mind comes when you know you have what it takes to retire. If you work with a qualified financial advisor to save and invest properly up until retirement, you will feel more secure that you have the funds necessary to do all of the things you want.

Once you retire, can you stay retired?

Consider if you are truly ready to retire when the time comes. The last thing you want to happen is to retire at age 62 and then find yourself looking for a job in your 70s in order to make sure your utility bills can be paid or you can buy groceries. Working with a financial planner can help you make sure that you retire at the best time for you. Maybe you have to work a few years longer in order to make sure that your finances will be stable. Advanced Wealth Advisors can help you understand what your financial picture looks like in order to best serve you.

Can you guarantee your monthly income?

Along with asking if you will be able to stay retired, it’s important to look at your monthly available income. Will you be able to guarantee your monthly income? Will you be able to sustain the lifestyle that you wish to live? These are all questions that the financial planners at Advanced Wealth Advisors can help you address to make sure you’re prepared for retirement. Social security is considered by many to be guaranteed income. Same with pension income. But should they be considered guaranteed? Are there options to add more guaranteed income to your financial plan? Talk with a qualified financial advisor.

Do you understand how your budget will change?

You won’t have to buy professional clothing any more, but you will likely have higher healthcare bills. You may need a service to care for your yard, and if you have grandkids, investing money and time in them will be very important. These are just a few of the new expenses you may find yourself supporting. If you understand they are coming, they won’t take you by surprise. Let our financial advisors help you look ahead!

Have you considered maintaining some earned income?

Retirement can be a chance to work part-time or on a freelance basis. It’s a great way to stay active and engaged – and it’s an opportunity to truly do what you love. If you have an idea, don’t wait until you retire to get it going – do it now, while your network is at its strongest.

There are many considerations for your retirement plan. Request a free consultation today to discuss your unique retirement goals and we will put together a retirement plan that will help you achieve and sustain retirement success!