You’re looking forward to retirement in the next 3-5 years, but you aren’t quite sure you’re ready financially. Determining if you can retire confidently requires making some very important decisions, and not having a plan or considering all the financial aspects of retirement, could have serious impacts. This is why planning for retirement and considering all the different factors (inflation, taxes, expenses, insurance, investment risks, income, goals, etc.) helps individuals determine if they can retire and what retirement will look like.
These are 3 common mistakes we find individuals make in planning for retirement:
- Not taking inflation and the increasing cost of health care into consideration when determining retirement cash flow needs
- Not factoring how a possible down turn in the market will affect your retirement plan
- Not aligning your investments with your tolerance for risk and your cash flow needs
Can you retire? Will you be okay?
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- How much will I be able to withdraw from my retirement savings each year?
- From which account(s) should I withdrawal to create a tax efficient cash flow in retirement?
- How should I invest my accounts now that I’m close to retirement?
- What other factors should I be considering?