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Protecting Your Retirement

How Prepared Are You For Retirement?

Hey there, Chris Hobart here to share a few insights and a couple of tips to help you better prepare for that third act of retirement. Enjoying a comfortable retirement depends on how well prepared you are ahead of time to support your desired lifestyle.

Here are five financial questions to ask yourself in retirement.

First, should I downsize my home? I hear this a lot. You know, oftentimes retirees end up living in homes that are larger than they need. And with these homes, you can either have higher taxes or maybe increased utilities, oftentimes larger mortgage, greater maintenance needs, and just other excessive expenses. All of these ongoing costs add extra financial burden to your monthly expenses.

Number two, do I still have debt holding me back? The baby boomer generation is entering retirement with an increasing amount of debt. In fact, 28% of middle-income boomers state that more than 40% of their monthly income just goes to service their debt.

 

Number three, should I consider a part-time job? Well, many people hope to retire and never work again, but the reality is for some retirees, they need supplemental income to help support their lifestyle. In fact, in 2017, 674,000 people, 55 and older held part-time positions for economic reasons.

 

Number four, am I paying into unnecessary life insurance policies? Again, once you retire, life insurance may not be as important as it was earlier in your adult life. While people need this protection while they're working and raising a family, their needs evolve. And once they stop working and their children move out their house, among other factors, this causes a change for life insurance.

Finally, question number five, am I efficiently managing my healthcare expenses? You know, a 65 year old couple who retired in 2017 can expect to pay an estimated $275,000 on healthcare costs during retirement with people living longer than ever before. Retirees need extra money to ensure they can cover healthcare expenses for a longer time than in previous generations.

We're ready to help you whenever you're ready and we're ready to help you retire comfortably with the income you need for life.

If prepared, this third act can be the best part of your life. And we hope this peek behind the curtain better prepared you for your retirement to take center stage.

Let's Get Started...

Questions to ask:

  1. Do you have a large traditional IRA or 401k balance worth over $250,000?
  2. Are you protected against future tax hikes and changes to the tax rates?
  3. Are you at the age where you required to start taking minimum distributions?
  4. Have you taken steps to ensure your spouse and beneficiaries are protected down the road from future tax law changes?

Hobart Wealth provides guidance for our clients so they can protect their retirement. 

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You Need To Be Protected

  • Do you have a large traditional IRA or 401k balance worth over $250,000?

  • Are you protected against future tax hikes and changes to the tax rates?

  • Have you taken steps to ensure your spouse and beneficiaries are protected down the road from future tax law changes?

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