Retirement Visions in Focus
Answer the 50 Important Retirement Questions
Retirement – one of life’s biggest decisions is very personal and individual.
You never want to second guess yourself when making your retirement decisions. No worries. Nothing left to chance. It must be the best you can make it. Your future financial freedom depends on it. You go to the seminars, search websites, listen to the media and ask your closest confidants for advice, and still you’re floundering in a state of perpetual paralysis or a state of overwhelming analysis.
Questions to Accomplish
What do I hope to accomplish in retirement?
What kind of lifestyle do I want in retirement? Describe hobbies, volunteering, learning, re-careering, entertainment, etc.
What are my retirement goals for my family and myself? (travel, move residence, seasonal home, etc.)
How much income is required to meet my retirement living expenses and goals?
When do I want to retire?
How long shall I plan on being retired?
What amount of assets are needed for any special needs or bequests? (grandchildren’s education, special family needs, schools, charities, spiritual, medical, scientific, etc.)
Questions about Today
Where do I stand financially today?
What amount of my useable net worth would be for retirement income?
How much of my assets are needed in case of an emergency for a cash reserve?
How can I structure cash reserves for liquidity while getting the best returns?
How can I effectively and efficiently reduce debt to free discretionary income?
How much discretionary income do I have after meeting fixed and variable expenses?
How much can I comfortably position for my retirement goals and future needs?
Questions for Funding
What are my sources for my retirement income?
What value will Social Security contribute?
If Social Security is available, when should I start taking the income?
If I have a pension, what options should I take for distribution? (lump sum, annuity, etc.)
How would additional employment income affect my retirement goals?
Is the risk/reward from a re-careering venture appropriate?
How will I manage special situations, i.e. early retirement offer, stock options, highly appreciated and high concentration of stock, etc.?
How should my assets be positioned and managed to help me reach my retirement goals?
What is my risk tolerance and how does it affect my retirement goals?
What combination of resources/investments should be used to produce the income needed?
What type of return on investment do I need to reach my retirement goals?
How much in withdrawals will be needed to achieve my yearly retirement goals?
Will my income from withdrawals sustain my retirement lifestyle, including inflation?
Can retirement income be sustained throughout my lifetime and my spouses?
What can I do to hedge against economic downturns and preserve assets?
What additional medical insurance do I need, if any?
How can the management of my company/veteran benefits help me reach my retirement goals?
Do I need more assets to achieve my retirement goals or do I have excess assets and how does this affect my income strategy?
How can I generate more retirement assets or use excess assets to my best advantage?
What is the probability of successfully retiring and living my retirement lifestyle goals?
Questions on Obstacles
What would stop me from reaching my retirement goals?
What would I do if my company/government benefits were reduced or eliminated?
How much more will I need to offset inflation and protect my purchasing power?
What would the impact of my or my spouse’s deteriorating health make on reaching my goals?
How much of my assets should be dedicated to future health costs?
What effect will taxes have on my retirement?
What ways can I reduce my federal income taxes?
How would the need for long term care affect my goals?
What strategy should I take to plan for potential long term care needs?
If my spouse or I should die earlier than expected, how would the other’s goals be met?
How would life insurance affect my retirement goals? (income or estate taxes, bequests, etc.)
Am I taking too much risk by being under insured or paying too much by being over insured?
If a disaster should strike, how would I adjust my retirement goals? (house or family accident, etc.)
When I pass away, how can I ensure my wishes are met and I am not a burden to my family?
"What you don’t know can hurt you . . .
What you don’t do with what you know, can hurt you too.”
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