Retirement by Design by Ida Abbott

Author:Ida Abbott
Language: eng
Format: epub
Publisher: Ulysses Press
Published: 2020-01-31T16:00:00+00:00

Indicate on the scale below how well you manage your finances (1 = very well; 3 = moderately well; and 5 = terribly, I need help).

What do you worry about most regarding your finances for the future?

What are you doing—or could you be doing—to address those concerns?

FINANCIAL PLANNING FOR RETIREMENT

If you do not yet have a fiscal plan for retirement, start to create one right away. Below are some questions to get you started. These are basic questions about your anticipated future income and expenses, and whether the former will be sufficient to cover the latter. With that information, you can develop a retirement budget.

These questions and exercises will help you plan a simple budget for the first few years after you retire. Planning a long-term retirement budget involves many financial uncertainties, such as inflation, taxes, and rates of return on your investments. You will need to consider alternative scenarios that account for these factors and how they will impact your income and expenses over time. Those analyses and calculations will allow you to plan competently and realistically for the long term. For a deeper look into your future financial status and more comprehensive planning, you may want to utilize retirement planning software or retain a financial advisor.

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