Baton Rouge CPAs
Whether you have been working for a few years or a few decades, it is important to plan for your retirement. However, many people have never created a plan for retirement based on income and lifestyle. Here are four questions to ask yourself while thinking about whether or not you can comfortably retire on time:
- What do you plan to do during retirement?
If you are planning to travel and visit family members more frequently, this will increase your expenses. Embracing a new hobby may also raise expenses compared to your working years.
- What expenses will change?
Your commute, work clothes, and business lunches may stop, but you may have higher costs for medical care and prescriptions. Speak with us about the type of changes your budget will face during retirement.
- How much are you currently saving?
When you meet with our financial planner, you will review the details of your current retirement savings plans and how your portfolio is performing. During retirement, it may be beneficial to continue some of your investments to help your savings outpace inflation.
- Do you have a withdrawal strategy?
If you are an owner or partner in your business, is there a written agreement for buying you out when you retire? Do you plan to transition by working part time for a while or should you stop all at once? How are your retirement savings affected by taxes? All these questions should be a part of your strategic plan for retirement.
Don’t wait to plan ahead. What you do with your money now can significantly impact your life in the future. Our financial planning expert can guide you through the details of your retirement process.
For more information on planning for your retirement, contact our office and schedule a consultation.