Planning to Retire This Year? Ask Yourself These Questions First! - Part 1

My Boomer clients talk about retiring all the time. And I always tell them the same thing: If you’re thinking about retiring…think hard!

You’ll have to make big decisions about things such as Social Security and taxes – in advance. The world as we knew it has been turned upside-down in recent years, and this decision will affect the rest of your life.

There’s another decision, too. Are you sure you’re ready – emotionally – to retire?

If you’re considering making the break, ask yourself these questions:

AM I REALLY READY?

Because of the loss of our financial security-blankets in recent years, people are working longer. If you enjoy your job, maybe you should keep working.

It will allow you more time to build up your savings for the day when you really do want to play golf instead of office politics, and more time to pay down your mortgage. Once you retire, it can be difficult to un-retire.

CAN I REALLY LIVE ON A SMALLER BUDGET?

If you think it was hard staying on a budget during your working life, you ain’t seen nuthin’ yet! In fact, it often gets more expensive to live after you retire. You’ve got less coming in. But you’ll probably be spending money on things you never had the time to spend it on before.

You’ll probably be traveling more. Seeing more movies or ballgames. Playing more golf. Going out with friends more. And perhaps buying more “toys.”

The Web can be a resource; mint.com can help you figure out expenses that may end with retirement, and those that may begin.

Some experts encourage a trial run, by living on a projected “retirement budget” while you’re still working. It’s not a totally-accurate method. But it might give you time to develop coping strategies.

As an Elder Law attorney for the past 33 years, I get asked about retirement pretty much every day.

In fact, at The Law Offices of Alice Reiter Feld & Associates, we’ve helped thousands of South Florida families answer questions such as these. And we’ve helped them prepare for the future, with comprehensive estate planning, wills, trusts, powers of attorney, long-term care planning, asset-protection plans, and assistance with Medicaid and the VA.

If you’re approaching retirement, you’ve got questions – and we’ve got answers.

We’re just a phone call away.