Four Retirement Planning Questions to Consider

Be honest. Have you ever had the thought, “Am I doing what I should be doing planning for my retirement?”

If so, you’re definitely not alone. It’s common to ask big-picture questions these days, especially when it comes to important issues like retirement planning and your financial future.

We’ve made it through many of the ill effects of a global pandemic. Still, with economic pressures mounting, an election right around the corner, and inflation on the rise, you may feel like you’re behind and wondering if your retirement is safe.

Here are questions to think through that, in the end, may help you navigate a course to more financial stability and get you where you want to be.

1. What’s it all for? 

Getting your priorities straight is a healthy precursor to successful retirement planning. After all, just amassing wealth isn’t the goal; you want to be able to access that wealth for the things that really matter.

For some, it’s about being able to be generous to others in retirement. For others, purchasing a retirement home, traveling the world, starting a new business, establishing trust funds, or other generational wealth-building mechanisms for their grandchildren are their primary goals.

Think through the big “Why” questions with your spouse, write down your answers, and check to see if your investments, savings, etc. align with helping your retirement goals.

2. Have I been building a plan or a house of cards? 

Many people started retirement planning years ago by contributing to workplace retirement plans or working with a financial advisor. They’ve been steadily investing, saving, and seeing automatic withdrawals and payments come out of their accounts. It seems like they’re covered, but the questions keep coming up… “Am I ok? Where is this money going, how is it being used, and are these the right investments to be making?”

Now is a great time to seek out answers to these tough questions. Take stock of what you do have. Tie up loose ends. It’s better to make course corrections now than to wait.

A Podcast Resource to Help You

3. What can I do to shore up the foundation?

After getting clear on your goals and taking stock of your current financial position, you may come to the realization that (unfortunately!) you have more questions than answers. And that’s ok. You don’t have to stay there, though.

One of the best things you can do is to seek out an experienced retirement planning professional who knows how to help you navigate the obstacles. Fee-only financial planners who are fiduciaries not only have access to powerful financial services; they’re also morally and legally bound to work in your best interests.

4. What would relieve the most stress? 

Have you ever been stressed about the future, stressed about the present, or stressed about being stressed?

Of course, you have; in fact, everyone has!

We’re not meant to live in the future, and constantly worrying about tomorrow’s problems can add undue pressure on your decision-making process.

Taking action is often part of the remedy.

In many cases, it’s enlisting the help of others. Especially others who know more, have the benefit of a seasoned, outside perspective, and are bound to operate in your financial best interests.