Creating a Successful Retirement Planning Strategy

Ask yourself these questions before setting out to plan for retirement.

A. What does your retirement mean to you?

1. Stop working and go on permanent vacation?
2. End your current career so that you can go and do your lifes work?
3. Just switch careers and have on with income and more free time.
4. other

B. How much money do you think you will need to retire.

1. What lump sum
2. What monthly income or annual income
3. Will you collect social security
4. Will you inherit money.
5. Will you be selling off assets(rental properties, vacation homes etc.)

C. What exact date would you like to see yourself in retirement.

D. What financial resources have you set aside to draw from and how sure are you that they last the rest of your life.

1. Do you have a 401K (or 403B if in public sector)from a previous employer.
2. Do you have an IRA from yourself or your spouse.
3. Do you have an inheritance coming.
4. Does you company have a defined benefit plan.
5. Do you know what your social security benefit will be.

E. Will you need to plan for health insurance besides Medicare?

1. Is Long Term Care a concern?
2. Do you have health issues that need to be planned for?

F. Do you need life insurance to protect estate from excessive taxation?

These are a few questions to get you started. If you want to see a more comprehensive list please call me at 610-695-8748 or send me an email at roy@yourwealthadvocate.com.

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