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Are You Retirement Ready?

Are You Retirement Ready?

Leaving the workforce and retiring is both an exciting time and one of stress — creating a number of questions and concerns. As with any major life change, planning ahead can enhance the outcome of your long-awaited move to retirement. Whether you are nearing retirement age or have just begun considering it, your first steps should involve coming to an understanding of just what this change will mean for you. As you consider financial readiness, D.A. Davidson offers online financial calculators here to help you determine the future worth of investments, how long your retirement savings might last and more. The following are other recommended questions to take into account.

  • What is my long-term vision for retirement?
  • How much money do I have saved now?
  • What are my post-retirement income sources?
  • Do I need a post-retirement budget?
  • How many more years do I want to work or plan to continue working?
  • What will my health insurance be and how much will healthcare cost?
  • Do I envision leaving a financial legacy?
  • Do I have an emergency fund?
  • When will I take Social Security?

In addition to having your finances in shape, you should be certain other aspects of your life are retirement ready. Are you emotionally ready? Experts suggest the following considerations as you get closer to your last working days so you can ensure you dreams won’t retire when you do.

  • How will my days look in retirement?
  • Can I be debt-free or have a plan to become debt-free to ease that emotional burden?
  • Will I move, downsize or remain where I am?
  • Am I resilient enough to navigate this major life change? Am I a positive thinker?
  • Am I on the same retirement page as my spouse/partner?
  • Do I have a network of friends outside of work?
  • Do I have a plan for my time, such as volunteer work or hobbies? What about family time?
  • What is on my bucket list?

While retirement is an ending point, it raises many new questions. The examples above represent a starting point only. Your D.A. Davidson financial professional can assist you in diving further into the details of your particular situation so you can retire with the satisfaction of knowing you have planned for this important next stage in life.

The information contained herein has been obtained by sources we consider reliable, but is not guaranteed and we are not soliciting any action based upon it. D.A. Davidson & Co. is a registered broker-dealer and registered investment adviser that does not provide tax or legal advice. Questions about tax or legal concepts should be directed to your tax professional and/or attorney. Copyright D.A. Davidson & Co., 2021. All rights reserved. Member SIPC.


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