The following checklist will help you get started on planning the financial aspects of retirement.
Planning for Retirement:
- What do I want my retirement to look like? What will I do with my time
- How much money do I need to retire?
- How long will my retirement savings last me?
- At what age can I afford to retire? Do I want to ease into retirement by working part-time, on a freelance basis, or from home?
- How can I save money in retirement?
- What should I do to prepare for my retirement?
- How do I check my Social Security earnings and benefits? How are my Social Security benefit amounts calculated?
- When do I file for Social Security benefits? When do I file for Medicare benefits?
- When can I start collecting Social Security retirement benefits? If I delay retirement, will my checks be bigger? Can I keep a job even after I start collecting retirement, dependents’, or survivors’ benefits?
- Can I take money out of my retirement plan early?
- Can I borrow from my retirement plan to buy a house?
- What happens to my retirement plan when I die?
- When do I stop contributing to the plan and start withdrawing from it? Depending on the type of plan, you may not have to take mandatory withdrawals.
There are a lot of different ways to plan for retirement. This list can hopefully start you out in the right direction. At the Law Offices of Guidos & Associates Ltd., we help clients determine their retirement goals and identify specific strategies for the client to go about achieving that goal. Please call today for a free consultation at (847) 397-6906.