So, You Think You're Ready For Retirement?  Think Again!

10 Critical Questions Every Pre-Retiree/Retiree Must Answer

Do you spend more time planning a vacation to your favorite island getaway than planning for retirement? Without the right plan, many investors have woken up and realized they shouldn't have retired so soon….But by then it's too late. Others retire early, adopting a 'life is too short' mentality. But the fact is that, for some, life is actually too long. Many retirees are in danger of outliving their money.

At Hood Financial, our goal is to help you to retire - - - only once.  Our "10 Critical Questions Every Pre-Retiree/Retiree Must Answer" checklist is a good place to start.  We challenge you to answer these questions honestly.  See if you're on track, or if you could use some help.  Getting the right answers now could make all the difference in the world between enjoying a worry-free retirement and having to post your most recent resume online. So before you get too relaxed on that island sipping a cold drink, let's make sure you can sustain your retirement lifestyle.  (After all, there are only so many Walmart greeter jobs to go around!)

1.  Have you taken the Seven Major Retirement Risks off the table?  
     (If not, you’re living under a false sense of security in retirement)

2.  Do you have a plan for not outliving your money?
     (Many people dramatically underestimate their life expectancy)

3.  Which Social Security strategy provides the most income to you and your spouse?
     (Many people get this one wrong- and it costs them dearly)

4.  Have you factored in the rising cost of healthcare throughout your retirement?
     (Studies show that the average retiree will spend over $250,000 in healthcare expenses above and beyond insurance premiums, deductibles, co-pays, etc)

5.  Do you have a plan for Long Term Care?
     (If not, are your kids financially prepared to shoulder the burden of your long-term care?  In many states, your children can be held responsible for unpaid nursing home bills)

6.  Will the IRS be the largest beneficiary of your IRA/401(k)?
     (For most people, the answer is unknowingly yes.  The Secure Act has made this situation even more costly to your heirs- and a living trust won’t help you here)

7.  Do you know how the first few years of retirement can make or break your nest egg?
     (This is often called the ‘silent killer’ of retirement plans)

8.  Have you calculated the impact income taxes will have on your surviving spouse?
     (Single tax bracket surviving spouse’s often pay more in taxes than when filing jointly)

9.  Have you stress-tested your retirement portfolio for market volatility?
     (Market fluctuations have a bigger impact negatively on portfolio longevity during the distribution phase of your life than during the accumulation phase)

10.  Do you have a Certified Retirement Specialist/Fiduciary to guide you along the way?
     (Studies show a dramatic increase in overall retirement satisfaction, peace of mind, and contentment when using a financial advisor)

So, how'd you do?  Not as good as you thought?  You're not alone!  That's why we're here.  Let us help you get the right answers to these and many other questions you haven't even thought of yet.  Please give our office a call at 760-752-7848, email us here, or click on this calendar link to arrange for a 10-15 Minute "Get Acquainted" phone call.