Financial security in retirement doesn’t happen by accident. Planning for a financially independent retirement involves more than just putting money away into a savings account and choosing the hobbies you plan to take up. Keep these six questions handy for the next few years as you start to think more seriously about what you want your retirement to look like.

1. When should you retire?
   When you retire isn’t only based on your age – it’s also based on your retirement fund. It’s recommended that you have around 12 times your pre-retirement salary saved before you stop working.
   
2. Should you move?
   Some people choose to move after they retire to save on the cost of living, to pay lower taxes, or to expand their community. Moving can save you money during retirement and can allow you to be closer to your family.
   
3. When should you start using Social Security?
   Although you can start taking Social Security benefits at 62, you’ll receive more if you wait until 70. You should also consider that most states tax your Social Security Benefits.
   
4. What does your portfolio look like?
   Your portfolio should change as you near retirement. Your appetite for risk should wane in favor of more conservative investment options that can supplement your income.
   
5. Should you still have an emergency fund?
   Even the best retirement plans can be ruined because of unexpected expenses. In addition to what you have saved for your future medical expenses, you should continue to have an emergency fund, just like you did during your career.
   
6. Do you have an estate plan?
   Regardless of your net worth, it’s important to have an estate plan to name your beneficiaries and save your loved ones from undue tax burdens.

Planning ahead for your retirement can help you better protect your current net worth as well as gain a clearer understanding of your potential future financial needs.

Feel free to contact the office if you’d like to discuss further. We’re looking forward to our continued partnership as we build your retirement together. 

^{This communication is designed to provide accurate and authoritative information on the subjects covered. It is not however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.}