Retirement Questions

There are many other topics you will need to address, such as those related to family and elder care, the tax implications of Individual Retirement Arrangements (IRAs) and retirement plan withdrawals, and whether you will work at least part-time.

Where will I live?

  • Do I want to move?
  • Should I downsize?
  • Can I keep up with home maintenance?
  • Will I be close to the activities I want to pursue?
  • Are medical facilities nearby?

What will I do?

  • Do I want to work either full-time or part-time?
  • Are there volunteer jobs I would like?
  • Will my hobbies keep me busy enough?
  • Will I miss the social aspects of working?
  • Could I end up with too much time on my hands?

How much money will I need?

  • How will my current expenses change?
  • What specific costs may change, and by how much?
  • Have I created a retirement budget?
  • Will my assets last long enough?

How much money do I have?

  • What is the status of my potential savings and income?
  • Am I contributing enough to my retirement account?
  • What are my Social Security options?

What are likely health-related issues?

  • What is my life expectancy?
  • Will my medical coverage premiums and costs go up?
  • When should I enroll in Medicare?
  • Might I need long-term care at some point?