Planning for retirement is a significant life milestone that requires careful consideration and preparation. Over the past 35 years, members of our Temple Row team have been helping more than 1000 families prepare for a fulfilling retirement. Sometimes it does not look like they originally started off when they started working. Most of the time it was even better than they had imagined.
Here are some top questions to ask when planning for retirement:
1. When Do I Want to Retire?
Determine your target retirement age. Consider your financial situation, health, and personal goals when choosing a retirement timeline.
2. How Much Money Do I Need in Retirement?
Estimate your retirement expenses, including housing, healthcare, travel, and hobbies. Create a detailed budget to understand your financial needs.
3. What Are My Sources of Retirement Income?
Identify potential income sources, such as pensions, Social Security, investments, and any other savings vehicles.
4. Am I Saving Enough?
Assess your current savings and contributions to retirement accounts. Determine if you’re on track to meet your retirement goals.
5. What Is My Risk Tolerance?
Consider your comfort level with investment risk. Decide how much of your portfolio should be allocated to more conservative or growth-oriented investments.
6. How Should I Invest for Retirement?
Determine an investment strategy aligned with your risk tolerance and time horizon. Decide on asset allocation and diversification.
7. Do I Have a Comprehensive Financial Plan?
Create a holistic financial plan that addresses retirement, estate planning, taxes, and other important aspects of your financial life.
8. Should I Downsize or Relocate?
Evaluate whether downsizing your home or relocating to a more cost-effective area could impact your retirement savings and lifestyle.
9. Have I Considered Healthcare Costs?
Plan for potential healthcare expenses in retirement. Research Medicare options and consider long-term care insurance.
10. What Are My State Pension Options?
Understand when you’re eligible for State Pension benefits and the implications of claiming benefits early or delaying.
11. How Will Inflation Impact My Retirement?
Account for inflation when calculating your retirement needs. Ensure your investments can potentially keep pace with rising costs.
12. Do I Have a Plan for Debt?
Develop a strategy to manage and eliminate any outstanding debts before or during retirement.
13. Have I Factored in Taxes?
Understand the tax implications of withdrawals from retirement accounts and other sources of income.
14. What Will My Retirement Lifestyle Look Like?
Envision your ideal retirement lifestyle. Consider how you’ll spend your time, whether through hobbies, travel, volunteering, or other activities.
15. How Will I Pass on Assets to Heirs?
Develop an estate plan that outlines how your assets will be distributed to heirs, and consider strategies to minimize estate taxes.
16. Have I Created an Emergency Fund?
Set aside funds for unexpected expenses in retirement to avoid tapping into your retirement savings prematurely.
17. Am I Prepared for Longevity?
Consider the possibility of a longer life span and plan accordingly to ensure your financial resources last. This is a big focus of our team. Working with the Stanford Center for Longevity and Dr. Laura Carstensen we have learned to ask better questions to help our clients maximise their 4th quarter of life.
18. Should I Seek Professional Advice?
Decide whether to work with a financial advisor or planner to help you make informed decisions and navigate complex financial matters. Your Temple Row team has worked with more than 1000 households, many of which have used our knowledge and vision, on their retirement journey. These questions can serve as a foundation for your retirement planning journey. Keep in mind that retirement planning is a dynamic process that may require adjustments over time based on changing circumstances and goals.
Contact one of our team members today. Niamh, Katy, Sam, or Sarah can set up a short call to see how we can help you – email us on contact@templerow.com.
