Are you still thinking about retiring during a global crisis? It might sound like the wrong time, but in actuality, it’s still possible!
The current uncertain times may have provided more than a few curveballs.
However, if you are in a place where you understand your current financial state, and the implications of this current climate, you are doing the right thing.
Below are a few things to consider when determining what your next steps towards retirements should be.
Evaluate Your Expenses
Work with your financial advisor to assess how much money you will require to retire on.
Your advisor can help you to identify future expenses such as healthcare charges, groceries, and more.
Know Where the Money is Coming From
Additionally, you should have a comprehensive list of all of the areas where you will be receiving money during retirement.
These include your IRA, savings, 401k, Social Security, and more.
Once you have collected all of the information you need, you will want to compare both lists to understand your potential financial future during retirement.
By matching up your projected monthly expenses against your guaranteed income sources, you can have a better understanding of where you stand financially before unexpected circumstances factor in.
Understand Your Investments
Speak with your financial advisor to understand current and future investment opportunities to help determine what they look like.
You will ideally like to have enough invested or saved to account for the next 3 to 5 years of expenses as a buffer.
You should work with your financial advisor to locate areas where you can cut down on costs during retirement to best protect yourself in the event that you are hit with a financial loss.
A good financial advisor should always be able to provide guidance when discussing the best retirement strategy for your individual needs.
To speak with a trusted financial advisor with a wealth of experience, contact Argent Bridge Advisors today.