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Importance of Retirement Planning

Importance of Retirement Planning

| July 31, 2020

Many wonder if they’re financially able to retire. They’ve spent years saving, investing in their retirement plans, or IRAs in order to one day reach the goal of retiring.

When is the right time? Here are 10 important considerations in your decision-making process:

  1. Financial Resources Available: How much will you need to live comfortably-for the next 20-30 years?
  2. Investment Allocation: Are you properly invested and diversifying as you near retirement?
  3. Decide when best to claim Social Security: How you can maximize and what age you decide to claim Social Security?
  4. Withdrawal strategy: Develop a withdrawal strategy that minimizes income taxes.
  5. Learn about Medicare and the options available.
  6. Does your employer offer retiree health care benefits?
  7. Start the retirement process with your employer.
  8. Decide what to do with your 401(k), 403(b), or 457 Plans: Should you do a rollover into an IRA?
  9. Know your pension options, and which one is best for you and your spouse. 
  10. Consider required minimum distribution rules.

The decisions that must be made are extremely important, and often irrevocable. It is highly recommended that you consult with a financial advisor who is trained and experienced in retirement planning. After all, this should be a time in your life that you’re able to enjoy the fruit of your labor and can make the transition confidently.