Planning for your retirement with your investment advisor is no picnic – before he or she can even give you the kind of investment advice that will lead to a major nest egg, you need to do some serious soul-searching about your post-career life. Will you lead a relaxing lifestyle filled with reading and hobbies, or will you travel the globe in search of adventure? Will your days be filled with visits from family and friends, or are you planning on continuing to work part-time or take up volunteering? Don’t forget about the possibility of spending part of your time in one of several continuing care retirement communities!
So what does all of this have to do with your investment advisor, you might ask? Simple – once you’ve mapped out the kind of lifestyle you’ll lead during retirement, you can help your advisor give you the best advice for saving up for that lifestyle. Here are the important questions that you need to ask yourself before heading to an investment firm!
Full Retirement Or Part-Time Work? For many baby boomers, retirement isn’t a full break from work; rather, it’s the chance to do part-time work in a career that you love. If you’re planning on doing part-time work for the majority of your retirement, you might not need to save up as much as someone who will have no source of income other than their retirement savings and social security checks. This is a must-need piece of information for your investment advisor!
Will You Be A Homebody Or An Explorer? For some, retirement is like one big holiday – but unless you save up for your expeditions, you won’t have enough to pay for the basics and travel. With an average retirement age of 65 and the typical retirement lasting up to 12-15 years, you’ll need to tuck away significant funds in order to afford a jet-set lifestyle! Let your advisor know that you plan on globetrotting; this will help him or her to give you the best kind of investment advice for your post-career life.
Are You Paying For College? If you’re planning on providing for your grandchildren’s education or other hefty expenses, then you’re going to need some significant savings and investments in order to meet the growing cost – so let your investment advisor know!
For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401K experts!
Authored By Kenneth Himmler, Sr.