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Reaching retirement age? Chances are you’ve thought about your next chapter — especially since it’s one of the biggest personal and financial decisions you’ll likely make. Here are a few questions to consider before you take any concrete steps.
What do I want to do in my retirement?
It’s a personal question, but one certified financial planner writing for Forbes says that is vital to ask yourself this question as you approach retirement age. After all, planning for what you need if you don’t know “what you want your life to look like” is a fool’s errand. He suggests thinking about — and writing down — the answers to these queries: “What do I care about most? Who do I care most about? What gives my life meaning?”
The financial implications of your goals will become apparent, and it will help you formulate a retirement plan to help you afford what you want. Just as important, the business columnist for the Arizona Republic writes, is including your partner or spouse in your planning.
When do I think I’ll feel ready to retire?
This also might sound basic. But it’s worth considering your current situation and how you think you might feel even a few years down the line. The government, through the Social Security Administration, defines the earliest retirement age at 62. That’s when individuals can elect to begin receiving their Social Security benefits, albeit at a permanently reduced rate. Of course, plenty of people take steps to retire even earlier than that — and many delay retirement for personal reasons as well as financial ones.
An article in CNNMoney notes that “many people look forward to retiring for years, only to find that when they leave work, they’re also leaving behind their closest social network.” The business publication Inc. suggests considering whether a gradual transition might be a better strategy.
Am I on the right track with retirement planning?
While you might feel ready to stop working full time, your finances might reveal a different story once you start digging into the numbers. The AARP, an interest group for older Americans, notes that once a person turns 50, it’s a good time reassess retirement strategy. Two big things to think about, according to CNNMoney: Health care — and how you’ll pay for it, especially if you’ve always received insurance through an employer — as well as how much of your current after-tax income you might be able to replace in your retirement, likely through a combination of Social Security and your own retirement savings.
