“ How much should I save for retirement ?”
3 . How important is it to leave a financial legacy ? Ask yourself , would you rather spend every penny or leave money to family , friends or a charity after you ’ re gone ? This answer will impact your financial decisions in retirement . Estate planning isn ’ t just for the ultra-wealthy – most people should create a basic estate plan , including a will that outlines how you would like your assets to be distribute
4 . Do you and your spouse or partner have the same retirement lifestyle vision ? If you are in a relationship , it ’ s a good idea to get on the same page when it comes to retirement . Do you want to be active ? Are you planning to stay in your current home or retire elsewhere ? These questions will not only help determine how much you need to save , but also can inform whether you will merge your finances or keep some separate to meet differing goals .
5 . Do you have a plan for funding your retirement once you decide to tap your savings ? You ’ ve spent most of your life saving , so before flipping the switch , make sure you have a plan in place for how to make those savings last . To do this , consider consulting a professional to create a retirement income plan and start with the basics : are able to design a plan around your goals that provides a tangible objective to strive towards as you approach or enter retirement .
For help thinking through these questions , you can visit a Charles Schwab branch . Schwab has also created a card game called “ The Next Chapter ” with more retirement questions to explore .
Joseph Killgore , CFP ®, is a Financial Consultant at the Charles Schwab Independent Branch in
Greenville , TX . He has 7 years of experience helping clients achieve their financial goals . Joseph holds a Certified Financial Planner ( CFP ®) designation as well as an M . S . in Personal Financial Planning .
Some content provided here has been compiled from previously published articles authored by various parties at Schwab . Charles Schwab & Co ., Inc ., Member SIPC .
Disclosures Investing involves risk , including loss of principal . The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice . The investment strategies mentioned here may not be suitable for everyone . Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision .
The information provided is not intended to be a substitute for specific individualized tax , legal or investment planning advice . Where specific advice is necessary or appropriate , Schwab recommends that you consult with a qualified tax advisor , CPA , financial planner or investment manager . ( 1020-0RZE )
• Choose the right mix of conservative and aggressive investments to provide diversified sources of return .
• Determine how much you need to withdraw on an annual or monthly basis .
• Learn about products and services designed to help manage and deliver retirement income .
Whether you are retiring from one of the larger employers in the community , or looking to phase out with a succession plan for your own business , it is helpful to consider each of these 5 questions as a starting point . Once you answer these questions you