Just because retirement seems like the right thing to do when you reach a certain age doesn't mean it's for everyone. There's also the issue of what retirement means to you. Do you consider retirement as a time to stop or as a time to just shift your focus? However you view retirement, you will need to make a decision at some point whether or not it is right for you. When trying to decide whether or not to retire, ask yourself these 10 questions.
1. Do I Really Want to Retire?
You've dreamed of the day when you can retire but do you really want to retire? With all the medical breakthroughs, people are living much longer than their parents or grandparents, so retirement could last 25 or more years. With out some serious planning, it might be difficult to survive emotionally or financially for that many years.
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2. How Much Money Will I Need to Retire?
This is the question almost everyone wants answered when they start thinking about retiring. It is also the hardest one to answer because no one answer fits all. It all depends on their lifestyle and retirement goals.
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3. Should I Accept an Early Retirement Package?
In an effort to cut costs, companies offer early retirement packages to some older employees. These severance packages can be extremely attractive but before you accept an early retirement package, be sure you evaluate whether or not it's a good decision for you and your needs.
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4. Will I Work After I Retire?
Even though retirement is seen as a time to stop working, you might want to continue working well into your retirement years. There are some things you need to know if you plan to work after your retirement age.
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5. Will Working After Retirement Affect My Retirement Income?
You have worked your entire adult life for retirement and now if you would like to work some while retired you should get all the retirement benefits you have earned. We all expect this but just like planning for retirement you should also plan your new career during retirement. If you don't plan properly you could lose or be denied some of your retirement benefits.
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6. Am I in My 50s or 60s With No Retirement Plan?
If you are in your 50s or 60s and have little or no retirement savings, don't panic. It's not too late but you shouldn't procrastinate any longer. You will have to be very creative with your planning but it can be done.
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7. Do I Know My Net Worth?
Your net worth is a good indication of where you are financially at this moment in time. I recommend preparing a Net Worth Statement at least once a year. The first time you prepare this statement will be the most difficult since you will be starting from scratch. Each time you figure your net worth in the future, you should have all the information and documents on hand.
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8. Do I Have a Retirement Budget?
Budgeting after retirement is similar to budgeting before retirement. The same rules apply, just the outcome is different. Budgeting before retirement is done to help you reach your financial obligations and have enough set aside to meet your retirement goals. Budgeting after retirement is done to help you reach those goals and maintain funds through your remaining years.
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9. Have I Reviewed My Retirement Plan Often?
A comprehensive review of your retirement plan every few years is almost as important as having a retirement plan. What you save for retirement is one of the most important financial challenges you might face in your lifetime so make sure you review and monitor it often.
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10. Am I Prepared for Retirement?
OK, you've made up your mind that someday you are going to stop the 9 to 5 grind and kick back and enjoy yourself. If you are like most, you have some idea of what the ideal retirement should be. If you are like most, you procrastinate about preparing for retirement. If you are serious about your retirement goals, you must start to prepare right now, not tomorrow.
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