Retirement is a new chapter that requires thoughtful preparation. As you stand at this crossroad, pondering your future, there are 3 key questions you need to consider. These aren’t just any questions – they’re the kind that shape your retirement journey.

1. How Long Will My Retirement Last?

The rest of your life. Let’s talk life expectancy first. It’s easy to go by average life expectancy figures, but here’s the thing – they’re just averages. In today’s world of medical advances and changing lifestyles, it’s not uncommon for people to live well into their 90s. Planning for a longer life means you’re less likely to outlive your savings.

This is particularly crucial if you’re a woman, as you might face additional years in retirement. It’s more likely that you’ll be the one outliving your spouse. The goal is to ensure financial stability for as long as you’re around, covering everything from day-to-day expenses to unforeseen medical costs.

2. How Much Could Inflation Affect My Retirement?

Inflation is a sneaky foe. It gradually eats away at the purchasing power of your savings. You’ve probably felt its pinch with recent surges. When you’re working, pay raises can help buffer inflation’s impact. But in retirement, that buffer is gone. Even a modest inflation rate can significantly hike up your living costs over a couple of decades.

This is why we feel building your Financial House is so important. We can work closely with you to potentially inflation-proof your retirement income.

3. When Should I Hang Up My Hat?

When you decide to retire means more than just picking a date. It’s about understanding how retiring a year earlier or later can ripple through your financial landscape. Retire too soon, and you might strain your savings. Wait too long, and you could miss out on years you could’ve spent enjoying your hard-earned rest.

We use various strategies and software to project the longevity of your savings, considering factors like Social Security, inflation, and taxes. They can show you what retiring this year vs. next year looks like, helping you make a well-informed choice.

Conclusion

Retirement planning is more than just saving money. It’s about navigating through these 3 essential questions. It’s about ensuring your golden years are just that – golden. You don’t have to figure this out alone. Call our office at (435)773-9444 to schedule a time to sit down with one of our Financial Architects. We can tailor strategies that align with your unique situation and goals, setting you up for a retirement that’s not just secure, but also fulfilling.