For many Arkansans, retirement is a fitting reward for a lifetime’s worth of hard work. However, far too few Americans get the retirement they deserve. According to recent research, up to 50% of people have no retirement plan and no retirement savings. Even individuals who have spent years fastidiously budgeting their income and re-investing their earnings may find themselves encountering unexpected challenges as they approach retirement age.
While many of these challenges can be avoided or at least curtailed with the right strategy, others must be discussed before they can be conquered.
Who You Need to Talk to Before You Make Plans to Retire
Retirement is often a very personal, very difficult decision. While you might already have what seems to be a rock-solid retirement plan, old age has an unfortunate habit of confounding our expectations. Before you hang up your hat, turn in your badge, or pass on the family farm, you might want to have a discussion with the important people in your life.
Few people have the resources necessary to afford the same lifestyle they enjoyed while working after they have already retired. Before you make your big decision, speak to your spouse about how your family plans to save money when you—and your partner—no longer earn an employment-based salary. Since retirement often demands sacrifices, strict budgets, and saving, you and your spouse need to be on the same page.
Every parent does whatever they can to see their children succeed, whether by keeping a roof over their heads, funding their college educations, paying for a dream wedding, or providing much-needed capital to kickstart an enterprise. However, after your retirement, you might not be able to offer the same assistance without jeopardizing your own quality of life. Discussing this possibility with your adult children could spare them down the road.
You might owe your parents a debt of gratitude, but you might not be able to act as their lifeline in retirement. While speaking to your own parents about finances could be an incredibly daunting prospect, you should seek to understand not only what assistance they need in old age but what you can realistically offer after you have retired.
Leaving the workforce isn’t everyone’s idea of a reward, especially if they’re passionate about their job or think they might need additional income in retirement. Depending on your circumstances, you may be able to ask your boss or business partners about transitioning to a consulting-type position, where you’re available to oversee operations or offer advice whenever necessary.
Your Financial Advisor
Figuring out finances can be difficult for everyone, including highly-educated professionals. However, speaking to an advisor is often the easiest way to find out how prepared you are for retirement and all of its uncertainties.
What to Ask Your Financial Advisor When You’re Thinking About Retiring
The key to retirement planning is starting early. However, even if you’re already approaching retirement age and aren’t sure how best to proceed, a financial adviser could help you make sense of your situation, your savings, and your prospects for a happy, healthy retirement.
When you sit down for your first consultation with an Arkansas financial adviser, you should ask the following types of questions:
- How much money do I need to retire?
- When should I start claiming my Social Security benefits?
- Can I rely on Medicare to protect my health and physical well-being?
- Is it too late to start investing my savings?
- Will taxes affect my income in retirement?
- Do I need an estate plan?
For many people, the realities of retirement can present something of a shock. Fortunately, you don’t have to leave everything to chance: an experienced Arkansas wealth manager could help you reach the retirement you deserve.
Contact Our Arkansas Retirement Planning Professionals Today
Quraishi Law & Wealth has spent years serving Arkansans of every background. Our experienced wealth managers and financial planners could help you navigate the uncertainties of retirement, determining the best way for you and your family to spend your golden years in comfort. Please send us a message online or call us today at 870-275-4304 to speak to a financial planning professional and schedule your initial consultation.