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Saving for your retirement may not be so important when we’re young, but as we age we begin thinking more and more about it. How old will you be when you decide you don’t want to work full-time anymore? Or, more importantly, will you get to a point in your life when you feel you no longer can work full-time—or at all? These are the reasons why it’s important to not only begin thinking about your retirement when you’re younger, but it’s important to start doing something about it. Thankfully, if you’re older, you still have time to save for your retirement, but naturally, you have less time which means you’ll need to go a little more gung-ho at it. Whether you already have an advisor or you’re shopping for one, you need to know the questions to ask about your retirement in order to start saving properly. Top financial advisors have the 5 most important questions you must ask that will help ensure that you’re ready for retirement whenever you get there.
The first question you need to ask about your retirement is a question that only you (and your partner) can answer: What do I want out of my retirement? You need to sit down and map out a realistic vision of your future that includes such items as where you will live and what you will do. For instance, have you and your spouse always dreamed of the proverbial cross-country Winnebago retirement? Or perhaps you’re the kind of guy who wants to spend his retirement fishing? Whatever your retirement looks like, do a little research in advance about what you’ll need. Then take the following questions to your financial advisor.
Divorce isn’t a fun topic at any age, and, it sure is not something most people anticipate as they happily stroll down the aisle while envisioning the years of marital bliss that lie ahead. Sometimes real life intervenes, and “happily ever after” isn’t always meant to be. Things turn ugly with sharp words and accusations hurled – soon thereafter is talk of splitting up, or divorce. Reconciliation may occur, but statistics show that only a mere 15% of all separations result in renewed marital bliss, and do not lead to divorce or reconciliation within ten years. Those aren’t very good odds for the remaining 85% of couples, who at least believed their marriage was important enough to try to salvage.
Sentimentality aside, once the jeers and tears have gone away, the reality of divorce sets in. Among the topics to consider going forward, is how retirement assets will be divvied up between the two partners. Divorce can really take its toll, emotionally and financially, but the later in life it occurs, the greater the threat to retirement. If you are getting divorced in your latter years it would be wise o consult with a top financial advisor in NJ. A New Jersey financial advisor will be able to help you go through the process in the least painful way.
By now, you know the drill… that early morning regimen. The alarm buzzes; you hit once, maybe twice – ugh, you have to get up or you’ll be running late. Did you ever stop to think how many days of the same routine and how many days until you can retire? I’ll bet you’d be surprised to find out many people don’t look forward to retirement, especially those in careers or jobs that they really love. But, eventually, even if you’re in business for yourself, there is a time to shut it down and enjoy your golden years.
For people who don’t want to just quit their full-time job “cold turkey” because they are still healthy and enjoy their livelihood, and they worry about what to do with all their spare time, they might want to consider a growing trend in the workplace called “phased retirement” which is a form of job-sharing. In a nutshell, it keeps the near-retiree viable and doing a job they love, plus allowing the opportunity to mentor an up-and-coming young person, who one day will take over their job, having secured all knowledge about the position from the person who did it best. The new employee is happy, the elder employee is happy, and even the boss is happy since he does not have to worry about covering that position with an inexperienced worker. It is a win-win situation all around.
One of the top legal questions posed these days is how does phased retirement work, and, if so, could it work for me?