Help Me to Retire

Money Matters

Many people don't have common sense about money. When you are working, you always know there is another check around the corner, but when you retire -- income could be limited, if you don't plan for retirement.

One quick comment here -- I deal with disabilities every day at work. Folks who become disabled for a variety of reasons (heart problems, rheumatoid arthritis, injuries, etc). in their mid 30s, mid 40s, never ever thinking they may not be working a month from now. Never assume you'll retire at 60 -- many don't.

You don't know what you don't know --

wow, that's a big statement -- and this is particularly true with financial issues.

I personally think people are just too busy with life -- and don't really stop to think about where their finances are headed or what their savings mean. We are busy living life - who has time to think or plan about saving for retirement (that's years from now anyways, right?)

Most just don't know if they have the retirement finances to make it in retirement or not... and truly, how do we EVER know? Much of that depends on how you spend in retirement or how your investments work out...right? Most of us will likely never know, until many many years from now, if we had enough -- depends on where life takes you, just be prepared...

Where do we start?

When do you hope to retire? Do you want to take an early retirement?

Are you going to remain employed longer to secure your future? Work to 60? Age 62? Age 65+ (so that you can save Social Security payments and have a double income)? What is the average retirement age?

Do you have a pension? Do you understand the pension calculation? Do you understand your retirement options?

Do you know when Social Security payments start? Do you understand much about Social Security? Have you reviewed your Social Security statement that is mailed to you annually?

OK, you know your retirement income, but what are your retirement expenses? Try a retirement budget so you have a clue where you are headed.

Now, why do you need to save for retirement? Have you thought about how much you need to save for retirement? Do you need a supplemental income?

Do you have IRA's or other Retirement Investments? How will you take withdrawals?

Will you work or volunteer in retirement? Ever considered Phased Retirement?

OK, you've got the income figured out, now what happens with your taxes in retirement?

Is divorce a possibility before or during your retirement years?

Now -- this is an odd set of questions ---
Do you start spending in retirement, finally giving yourself permission to use those monies you've saved for years now? -- OR -- Do you continue to save in retirement and leave your hard earned monies to your heirs (never having enjoyed it yourself)?

Help Me to Retire:

Money Matters