3 Questions to Ask as You Plan for Retirement

Maybe you are already dreaming of the day you can sit on a beach, relax all day, and not have a care in the world while you sip on a fruity drink with an umbrella in it. Well, regardless of your age, it’s never too early to start thinking of retirement. And there’s no better time to start planning for retirement than right now.

 

Some of the most common questions we hear at 210 Financial about retirement are: When can I retire? How will I pay bills and buy groceries when I retire? Will I have enough money to live comfortably for the rest of my life? These are all great questions. And the short answer is that you will fund your retirement through the income you are currently earning.

 

(Psst… that means your current budget should have a plan for funding your retirement!)

 

You can effectively do this by investing a portion of your income each month into stocks, bonds, a 401K, Roth IRA, or annuities. But that doesn’t answer the question of how much money you will need to invest to fund your retirement.

 

When it comes to planning for retirement, there are several factors that will impact the amount of money you will need to set aside.

 

1. When do you want to retire? We believe the better question to ask is, “When can you retire?” When will you have enough money saved to live comfortably the rest of your life? This question is important because it not only tells you how long you’ll have an income to invest for retirement, but it also tells you how many years you’ll need to live off the money you’ve saved.
2. What kind of lifestyle would you like to have? Does your retirement look like a quaint house with a garden or worldwide travel? Do you want to spoil any potential grandchildren you have by helping them pay for college? Whatever your hopes and dreams are for retirement, you can plan now to be able to accomplish them.
3. What health care expenses do you need to plan for? We can’t perfectly predict what medical needs you will have in the future, but you can have a plan in place to cover the average amount needed.

 

If you are already feeling overwhelmed or lost at how to calculate what you will need in order to fund your retirement, you are not alone! It can be difficult to know how much money you will need and where to invest it to fund your retirement. If you want to know for certain how much money you’ll need, if you are investing in the right places, or if you want a second opinion on how your financial plan is going, be sure to schedule a complimentary meeting with one of our financial advisors here at 210 Financial or give us a call at 309.263.1333!

 

210 Financial is more than just numbers. The “210” in our name stands for a childhood home that represented safety, love, and family. That is what we want to provide for everyone that we care for. Welcome home. Welcome to 210.

 

Content prepared by Austin Savage & Co.

 

All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Any references to guarantees or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to restrictions, surrender charges, holding periods, or early withdrawal fees which vary by carrier. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. 210 Financial is an independent financial services firm that utilizes a variety of investment and insurance products. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and 210 Financial are not affiliated companies. 1020988-8/21