9 Essential Retirement Planning Questions

A printable questionnaire to help you know when you’re financially ready to retire.

One of retirement planning questions to ask yourself is whether you can protect your retirement income from inflation and economic disruptions.

Preparing for retirement involves saving and investing with well-planned purpose, organization, and discipline. When you’ve saved in this way for many years, how will you know when you’re financially ready to retire? We’re covering essential retirement planning questions to ask yourself before you set your retirement date.

Print this questionnaire and review your responses with your partner or financial advisor. Ask yourself:

1 | Do you know how to protect yourself and your retirement income from inflation and economic disruptions?
Your investments can earn back the income you withdraw and increase in value if you work with an advisor.

2 | Have you determined that you can easily pay all your monthly and yearly expenses in retirement?
A Future Value Worksheet can help you determine appropriate savings targets based on your goals. We’ve worked with many retirees to estimate the income and capital necessary to maintain their desired lifestyle, of course, adjusting for inflation.

3| Are you delaying retirement until you have reached a financial milestone, including paying off a mortgage? 
Sound retirement planning doesn’t necessarily mean you must live mortgage-free. A trusted financial advisor can help you determine which financial milestones you should cross off your list before you retire.

 4 | Have you worked with Social Security to determine your benefits and when you can claim them? 
Contact the Social Security Administration for help answering this question. Also, remember to withhold for federal income taxes unless you know you will not pay any Federal taxes in retirement. Many soon-to-be retirees forget to withhold and end up owing significant income taxes at tax time.

5 | Are you willing to review your current insurance policies?
Many times, those looking to retire can save money and find forgotten assets by reviewing their current insurance policies and assessing whether they still need them. 

6 | How many separate retirement accounts do you have?
If you have more than one, consolidate them into one master IRA for better diversification and ease in administration. Required minimum distributions can be very complicated with more than one IRA.

7 | Are you factoring inheritances into your planning?
If yes, how realistic are the numbers? Avoid enhancing your retirement planning with dreams that may not materialize.

8 | Are you thinking about working part-time?
Many people do, but find they don’t want to continue after a few years. Factor in whether your financial stability in retirement relies on your income from a part-time job.

9| Do you have a trusted financial advisor leading you toward your retirement goals?
We’ve been helping clients plan for retirement for many years, and we rarely see them enter retirement unhappy or ill prepared for their golden years.

For help answering these and other essential retirement planning questions, schedule a consultation with one of our caring, competent financial advisors today. We’ll put our simple and straightforward approach to retirement planning to work for you. Contact us today.

Learn how to retire early in 5 steps.


Recent Posts

The financial media say stocks are “volatile” and “risky” and bonds...more >>
In May of 1932, Dean Witter wrote, “Some people say they...more >>