5 questions to ask before
Presented by Joseph Killgore , CFP ®
Retirement is a word that can conjure up anxiety or excitement , depending on your audience . This unprecedented year has caused many to reevaluate their retirement strategy , given employment and / or financial uncertainties that likely didn ’ t exist a year ago . There is a shift taking place amongst many that is bucking the traditional trend and revolutionizing what it means to retire .
When it comes to retirement , “ how much money you need to retire ” is not the only question you should be asking – and not even the initial one . There are a few key questions you should consider first to help determine what “ retirement ” means to you , which will help paint a clearer picture of that magic savings number . Before you pull out your calculator , consider these questions :
Joseph Killgore , CFP ® Financial Consultant
Greenville Independent Branch
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1 . Have you considered a “ second act ” career in retirement ? According to Schwab ’ s 2020 Modern Retirement Survey , 33 % of Boomers nearing retirement say they want to continue working in retirement , more than 40 % of people within five years of retirement said they want to continue working in retirement . Whether you ’ re scaling back hours at your current job , planning to embark on a new career , or pursuing a passion project , this has some palpable advantages when it comes to retirement planning . Along with the benefits of staying active , by continuing to earn a paycheck , you mitigate the need to deplete existing savings .
2 . Would you rather take “ mini-retirements ” and postpone long-term retirement ? While most people still envision retirement as a point later in life when they stop working altogether , the idea of taking time off from work for extended periods – to travel , raise a family or simply take a break – at various life milestones is becoming more common . If this sounds appealing , it will require some diligent planning and saving along the way and will impact the way you think about saving for a traditional retirement down the road .