Top Retirement Questions You Need to Answer

Retirement questions pops up when people are looking forward to their retirement. Yet, before we can set sail there are questions we need to answer in order for us to know if we are on the right track. We can’t just decide to quit our jobs without putting some thought into the decision. With the following questions, you can gauge whether you have a thought out plan for retirement or not.

What is your retirement plan?

Only you can answer these question. After all, we are talking about your life and your retirement. You can’t just copy off someone’s retirement plan because the things they may want to do don’t suit you.

The kind of retirement that others are living may not be feasible given your retirement income. If you want a retirement that is beyond your means then you can and should do something to make it happen for you. Be concrete with your retirement plan.

Do you have the financial capacity to make you retirement plans happen?

It is always good to make plans and have goals. Yet, the retirement of your dreams does not just get handed to you. You either have the financial capacity to afford that kind of life or you try and make plans to be able to afford the standard of life you want for your retirement.

This retirement question is more realistic and it keeps you grounded when you are making your retirement plans.

Do you plan to stay or move when you retire?

When we are young, we tend to stay close to our work place and the bustling life of the city literally surrounds us. When we retire we have other things in mind and they usually involve something that is quieter, more relaxed and laid back. You have to know where you want to live because housing is crucial consideration when planning out your retirement. Moreover, the location of your house also has an impact on your finances.

Should you sell your home?

Your home could be an asset or a liability. You could be paying a lot on property taxes each year and not even enjoying all the comforts of your home when you retire. To some people, their wealth is greatly tied to their homes. So what is your home to you? Is it something you can let go or not? These are just some of the retirement questions you need to answer for yourself. Your answers are very crucial and they help shape your plan and point you in the direction of where your retirement plan is going.

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