Key Questions to Consider when Planning For Retirement
Here are a few key questions to ask yourself as you think about a retirement plan:
When do you want to retire? Do you intend to work until you reach the age of 65 or later? Is it your goal to retire early? The number of years you plan to stay in the profession has a big impact on how much money you’ll require.
Where do you want to live? Are you staying at your current home or are you downsizing? Do you want to stay in the same area or retire in a warm place or near your relatives? Living expenses in the area where you plan to live as a senior are another major factor influencing the amount you need when you retire.
How will you pay for your living expenses? Your social security retirement income will probably not be enough to cover all your expenses, so do you have a pension?