Check out this short clip on 4 questions you should ask yourself if you’re trying to solve the Retirement Costs riddle! What’s your plan? Do you know where you want to live? Do you want to have assets for legacy? How much do you need? Click on the video below and think about the following questions…
1. How would you like to spend retirement?
- travel?
- hobbies?
- is 80% of pre-retirement income a good number?
2. Where would you like to live?
- relocate?
- stay in current home?
- downsize?
- will you be mortgage free and have extra spending money?
3. How much will health care cost?
- $200k-$300k is a good estimate depending on the length of retirment
- importance of a HSA
- health care fund
- retiring early? Medicare doesn’t start until 65 so how will you fill the insurance gap?
4. Do you want to help your family or leave a legacy?
- college cost for children or grandchildren? Think 529 plan
- Importance of life insurance to leave a legacy to your family or philanthropic organization
These are just some quick points to guide you to your plan. There are so many elements to factor in, some of which are constantly changing. It’s never to early to start planning or talking to an adviser. Retirement should be peaceful so try to stay a step ahead.
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