Tip #6 Retirement readiness
Your mental preparation as you approach retirement determines your retirement readiness. It’s one thing to have the funds to retire and yet another to be at an age to retire but lack the funds to do so. To better prepare for retirement, the following questions should be asked:
When should you start preparing for retirement?
- A) Retirement planners advise their Clients to start in their twenties (20’s)
- B) Save often – use a deferred savings plan through your employer, if offered
- C) Avoid using your retirement account as a savings account – it’s not
What do you want retirement to look like?
- A) Having a goal in mind makes tasks easier to achieve – “Whatever The Mind Can Conceive And Believe, The Mind Can Achieve” – Napoleon Hill
- B) Retirement income can come from various sources such as: Retirement Accounts, Social Security and possibly Pension(s)
- C) When asked, what do you want to do in retirement? The number one answer given is – Travel, followed closely by “do nothing”
How much money will it take to achieve your retirement goals?
If you said $1,000,000.00 that might be too much or to little based on your lifestyle. Many individuals underestimate their true retirement income needs; please consult an advisor for assistance in evaluating your income options.
Who are you taking into retirement with you?
Some may think this is a strange question. However, I have clients that have a spouse or family member that have been in their care throughout their work career and will carry through into retirement.
What do you want to leave as a legacy ?
I have joked with clients an asked the question, “Do you want to take your last breath when you spend your last dollar? ” A large percentage of the population desires to leave a legacy for their family.
For more information contact ELE WEALTH MANAGEMENT, LLC 1-248-356-6555 or visit our Website at www.elewealth.com