4 Questions To Ask Yourself About Retirement
Whether your retirement is a few years or a few decades away, planning is important. Black Hills Investment Services provides BHFCU members, and non-members, with strategies, advice, and tools to help you pursue your retirement goals.
The following are four questions to help you in your retirement planning.
- When do you want to retire?
In the United States, you qualify for Medicare as your primary health insurance at age 65. For many, this is a deciding factor in determining retirement age. However, if you have your sights set on retiring earlier, you can make it happen with the proper plan. It’s important to consider which factors may influence your retirement timeline, including health insurance costs, the ability to continue job duties, savings/and or pensions available, family considerations, and beyond.
- What do you want to do during retirement?
With retirement comes extra time to do the things you have dreamt about during your working years. Maybe you want to travel, volunteer, or purchase that cabin on the lake. Knowing how you want to spend your retirement time will help our advisors plan for the funds needed to support your dreams.
- How much money do you want per month, and how much money do you need per month during retirement?
When we were children, we learned the tough difference between a need and a want. Years later, the adage applies to your retirement planning as well.
The primary goal of retirement planning is to ensure you have the money to cover your needs to survive: mortgage/rent payment, utilities, health insurance, and food. The secondary goal of retirement planning is to ensure you have the money to cover your wants to thrive: travel, hobbies, opening a small business or purchasing a vacation home. It’s essential to understand the difference between your needs and wants to plan for your retirement properly.
- What is your biggest financial concern?
It can be challenging to identify your biggest financial concern for the future, but talking through and planning for these concerns as much as possible, makes retirement more enjoyable. Are you concerned about running out of money based on the lifestyle you desire? Do you need to factor in family circumstances or health care costs? Make sure to consider all elements of concern to allow for your advisor’s proper guidance.
With the answers to these questions and a summary of your existing accounts, our Black Hills Investment Services advisors will be armed with the information needed to develop your personalized retirement strategy. Request a free consultation at the link below or call 605-858-6183.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Black Hills Federal Credit Union and Black Hills Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Black Hills Investment Services, and may also be employees of Black Hills Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Black Hills Federal Credit Union and Black Hills Investment Services. Securities and insurance offered through LPL or its affiliates are: *Not Insured by NCUA or Any Other Government Agency | Not Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value