Do you have a plan in place to know when you are financially and emotionally ready to retire? Financial experts Joe and Al walk you through the vital questions to ask before you retire.
1. Can I Afford to Retire?
2. When Should I take Social Security
3. How Can I Reduce My Taxes In Retirement?
4. Am I Prepared for Future Medical Costs?
5. How Should I Fill My Time?
Important Points:
1:18 – About 1 in 3 Americans has $0 saved for retirement
5:50 – Can I Afford to Retire?
7:30 – Saving by Age Calculation
13:32 – When to Claim Social Security
17:00 – Tax-Efficient Withdrawal Strategies
18:39 – Health Care Costs
21:12 – Email Question #1: My company is offering a year of salary ($75,000) to me if I retire now. If I accept, that would mean I receive $5,000 less a year with my pension. Which option is best for me in the long-term? I’m 59 years old and in good health.
23:12 – Email Question #2: How do I know how much to estimate for healthcare expenses for my husband and myself in retirement?
23:48 – Email Question #3: I’m in my early 50’s. What type of risk should I be taking in my portfolio? Right now, my savings has about a $200,000 shortfall of what I need to retire by 67.
