• Question
  • can we retire this year

    Asked by a 69 year old man from New London, NH on 2/24/2013

    can we retire this year

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  • Categories: When to Retire, Retirement Planning

Answers

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  • When you consider retiring, make sure you financially ready first. Here are some items to consider:

    1. Guaranteed income stream after retirement: This can include Social Security Benefits, annuities or pensions.

    2. Budget: Simply list your current expenses and income annually or monthly. Then make a projection based on your expectations of future expenses and income. It doesn’t have to be exact. This gives you a true picture of where you are today and how much you probably need after retirement. Keep in mind that you will not be eligible for some Medicare benefits until age 65. http://www.newretirement.com/Services/Medicare_Supplemental_Insurance.aspx

    3. Liquid assets: Having some liquid assets, such as cash or savings accounts can help reduce your need to raid investments or further debt for emergencies or other unexpected expenses.

    4. Risks: Discuss risks with a qualified advisor such as what a market downturn early in your retirement might do to your retirement goals, whether you have a plan and tools in place to mitigate the chance of outliving your assets, and what your options are for health and long-term care needs.

    NewRetirement.com has several articles that can be of help (http://www.newretirement.com/Planning101/Four_Steps_To_A_More_Secure_Retirement_Plan.aspx) and has a calculator that can help assess your situation and determine how much money you will need to save to retire. The link to the calculator is https://www.newretirement.com/retirement-calculator/default.aspx

    Review your specific situation with a qualified advisor to figure out if you can retire this year and create a plan for income throughout retirement.

    This answer is provided as general information only and provided by Master’s students pursuing a degree in Personal Financial Planning at Texas Tech University. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or Certified Financial PlannerTM as to your unique financial situation.

  • Login to rate this answer:   Answered on 5/1/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.