Retirement Is More Than Picking a Date
When do you want to retire? For many people, that’s the first question that comes to mind. But knowing when you want to retire is only part of the equation.
The bigger question is: Is your financial plan actually prepared for it?
At The Financial Guys, we believe retirement planning goes beyond an account balance. Investments, income, Social Security, taxes, healthcare, insurance, and long-term goals all need to work together.
That’s why we created our 7-Question Retirement Plan Stress Test, a quick way to identify areas of your retirement strategy that may deserve a closer look.
[TAKE THE RETIREMENT PLAN STRESS TEST]
Could Your Retirement Plan Pass the Test?
Having money saved and having a retirement income strategy aren’t necessarily the same thing. Before making the transition, consider these seven questions:
1. Do You Know Your Retirement Number?
How much will you realistically spend each month? How much income will you need? Are your current savings and income sources positioned to support your lifestyle?
If your retirement number is still mostly a guess, it may be time to take a closer look.
2. Where Will Your Retirement Paycheck Come From?
Your retirement income could come from Social Security, pensions, retirement accounts, investments, part-time work, or a combination of sources.
Understanding how those pieces fit together can help determine whether you have an actual retirement income strategy.
3. Have You Decided When to Claim Social Security—and Why?
Social Security can be an important part of your retirement strategy. Consider how your claiming decision fits with your retirement timeline, other income sources, and overall financial picture.
The question isn’t only when you plan to claim. It’s whether you know why that timing makes sense for you.
4. Have You Thought About Taxes in Retirement?
Retirement doesn’t necessarily mean leaving taxes behind. Different income sources and account withdrawals can receive different tax treatment.
Your strategy should consider not only how much income you generate, but how much you may actually get to keep.
5. Could Your Plan Handle a Market Downturn?
Market volatility can look very different when you’re approaching retirement and preparing to withdraw from your investments.
Would your plan require you to change your lifestyle, delay retirement, or sell investments during a downturn?
Those are questions worth considering before the market puts your strategy to the test.
6. Have You Accounted for Healthcare and the Unexpected?
Healthcare, insurance, home repairs, vehicle expenses, family needs, and other unexpected costs can quickly change a retirement budget.
A strong retirement strategy considers both the expenses you expect and the ones you don’t.
7. Does Everything Actually Work Together?
You can have investments, a Social Security strategy, insurance, healthcare planning, and a retirement budget, but have you looked at all of those decisions together?
Retirement planning shouldn’t happen in separate silos. One decision can affect another, making your complete financial picture important.
So, How Ready Are You?
You don’t have to guess. The Financial Guys’ Retirement Plan Stress Test walks you through seven questions designed to help you evaluate key areas of your retirement strategy. It only takes a few minutes and may help identify areas worth reviewing.
[TAKE THE 7-QUESTION RETIREMENT PLAN STRESS TEST]
Don’t Just Retire. Retire With a Plan.
Retirement looks different for everyone. Whether you stop working completely, reduce your hours, consult, travel, or spend more time with family, your financial strategy should support the life you want. At The Financial Guys, we help individuals and families look at the complete retirement picture.
Think your retirement plan is ready? Put it to the test.
Take our complimentary 7-Question Retirement Plan Stress Test and see where your plan stands.
