Do Your Resolutions Include Retirement?
Now that the celebration is over in Times Square, it’s time to make sure you don’t drop the ball on reaching your retirement goals.
Perhaps you’ve already made a few resolutions for 2016 regarding your health and/or new hobbies you want to try, but what about making some financial resolutions to help put you on the path to a retirement that’s right for you? Here are three questions that may be helpful to reflect upon:
1 – Am I ready to retire? Depending on the year you were born, you’re generally eligible for full Social Security benefits once you are age 65 or 66. But hitting that magic “retirement age” doesn’t necessarily mean you are ready to stop working; only you can decide that. It’s important to have a firm vision of what you want not only during this time in your life but also of what you want to do for the next 20 to 30 years so that you don’t end up with regrets about leaving the workforce before you’re ready.
2 – What income sources do I have, and how will my needs change in retirement? While Social Security benefits will provide an income foundation for many retirees, fewer will draw a pension. It’s important to have a retirement income strategy that will help you optimize your resources while maintaining your desired lifestyle throughout your nonworking years.
3 – What expenses can I cut to increase my financial resources in retirement? The new year is an ideal time to take inventory of your monthly expenses and determine what is necessary (utility bills, prescriptions, etc.) and what can be either cut altogether or minimized (cable bill, magazine subscriptions, premium coffee, etc.) to add more money to your pocket.
These are just a few questions to consider as you move forward in developing retirement income goals for 2016 and beyond.
If we can be of any assistance in helping your reach your retirement goals give us a call at 801-990-5055 or click here to request your complimentary, no-obligation consultation.
Our firm assists retirees and pre-retirees in the creation of retirement strategies utilizing investment and insurance products. Advisory services offered through B.O.S.S. Retirement Advisors, a Registered Investment Advisory firm, and offered through Global Financial Private Capital, LLC, an SEC Registered Investment Advisor. Insurance products and services offered through B.O.S.S. Retirement Solutions. To see a list of services please visit us at bossretirement.com/services.
This content is provided for informational purposes only. It is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.We are not affiliated with any government agency including the Social Security Administration.
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