If you are starting the new year with retirement on your mind, there are a few things you need to consider before handing in your two-weeks notice.
Use the following questions to help you determine 1) whether you are financially set for retirement; and 2) if you are not, what actions you need to take to get you there.
- When do I want to retire? Having an optimal retirement age is important, as it will serve as a starting point for planning your investment approach. If you don't have a specific age in mind, select an age range.
- How much do I have saved? Consider all of your assets, including your savings, investments, IRAs or retirement plans, real estate and any other valuables that you own.
- Will I have enough income? Once you retire, what are your income sources? Any pensions, social security, investment income, rental income or part-time work will contribute to this area. There are a lot of variables and strategies to consider, so you may want to review this question with your financial advisor.
- Will my income and assets cover my expenses and debt? Although challenging, it's important to estimate the amount of money you will spend in retirement per year. Understanding your current and future liabilities and debt, your necessary expenses and your discretionary spending is critical to retirement planning.
- What are my personal retirement goals? Do you plan on downsizing, adding a second home, or traveling the world? Your optimal retirement lifestyle will play a key role in your retirement planning.
The sooner you begin to answer these questions, the sooner you will understand whether your retirement planning is on track or if there is a gap between your situation and your expectations.
Remember: while these questions give you a preliminary understanding of your financial outlook, here at BWC we believe a comprehensive financial review is the key to successful retirement planning.
Our CFP professionals are here to provide guidance and offer thoughtful and prudent investment management advice that aligns with our clients' goals. If you would like to review your answers to any of the above questions with our team, contact us today.
About the Authors: Dana McLaughlin is a Senior Wealth Advisor at Beirne Wealth Management, responsible for advisingindividual clients on financial organization, investments, retirement and education planning, trust asset management, and efficient wealth transfer.
Lise Robinson is a Senior Wealth Advisor at Beirne Wealth Management, responsible for advising individual clients and institutions on asset management, financial planning and organization as well as overall assistance in addressing the various financial issues that
About Beirne Wealth Consulting Services, LLC
Beirne Wealth Consulting Services, LLC (“BWC”) is a growing, privately owned, SEC Registered Investment Advisor with about $2 billion in assets under management and over 25 employees in Connecticut, Pennsylvania and Florida. BWC provides independent, fee-based investment management services and customized financial planning solutions. Our institutional business provides consulting expertise to defined benefit and defined contribution plans, endowments, foundations and non-profit organizations. Our private clients include high net-worth individuals and prominent families, many of whom bring complex wealth management challenges and multigenerational planning needs. For more information, please visit www.beirnewealth.com or give us a call today at 888-231-6372.