Questions to Consider When Preparing for Retirement

Retirement Planning Questions

What are your goals, dreams, aspirations?  Do you have a plan in place to meet them?

When do you want to retire?  Will you both retire at the same time?  How will you spend your time in retirement? 

Will you retire before age 65?  If so, will you have retiree medical?  If not, is your retirement income plan structured to allow for ACA (Obamacare) tax credits to offset the cost of health insurance? 

After retirement, will you stay in your current state or move to a different state?  What are the tax ramifications of that both today and in the future? 

Sometime in the next 25 years, will you inherit assets?  How does that figure into your retirement plan?  What effect will that have on future taxes and Medicare surcharges and how you should be saving today?

Do you intend to pay for your children’s and future grandchildren’s college education?  How does that effect the use of the 529 accounts you have?

Will you have any financial responsibility for your parents or in-laws?  How does that effect your retirement plans?

Have you logged onto the Social Security website to determine how much you will receive at various ages?  Will Social Security and any pensions be sufficient to replace your income in retirement?

Do you own a business?  If so, have you explored potential retirement savings and tax reduction strategies available to business owners?