Before you retire, it’s easy to find yourself being pulled in several different directions, trying to make sure you’re ready to retire the right way, and on your terms.. When I meet with pre-retirees, I’m often making lists of what I think everyone needs to know about planning for retirement.
One thing that always comes up when I’m chatting with pre-retirees is that they feel a bit overwhelmed when looking at their entire retirement and trying to plan for it. They try to plan for everything and end up getting overwhelmed by all of it.
But for today, I wanted to touch on my top 5 questions to ask when looking at making the jump into retirement, or maybe which direction to steer your retirement next. Let’s dive in:
How much monthly income will you need to retire?
Unfortunately, there is no “magic” number for everyone to strive for before you retire. Instead, examine your monthly expenses, considering any trips, adventures, or pursuits you have in mind for the near term.
As a test, you can even try living on your projected monthly income for 2-3 months prior to retiring.
Related Article: How To Create a Great Financial Foundation
Should you downsize or relocate when you retire?
Your home is not only a significant asset, it also represents a significant part of your lifestyle.
After all, our homes are often a reflection of who we are. It follows that the decision of how much home we want—or need—may vary with each situation; it is not strictly a financial decision.
However, if you are considering downsizing or relocating, the financial component of the decision should be considered thoughtfully.
Related Article: Is Downsizing in Retirement Right for You?

How should your portfolio be constructed after you retire?
For many retirees, the top priority is generating consistent income. With that in mind, a financial professional can adjust your portfolio with respect to your time horizon, risk tolerance, and goals. For example, some retirees prefer to maintain an amount of risk-averse investments that can provide income during retirement. However, even the most risk-averse investments aren’t immune to risk entirely.
If you’re thinking of making changes to your retirement plans or need help navigating your own personal situation, please be sure to contact our office before making any changes. We can help you look at all angles of your circumstances and create a strategy that’s aligned with your financial goals.
Related: Retirement Readiness Checklist This checklist is a great first step to measure your retirement readiness and find out where you stand with your retirement goals!

Before you retire, how will your day-to-day life look like?
Whether you dream of endless Saturdays or dedicating your time to volunteering, remember that retirement is a beginning. Ask yourself, before you retire, what you would like to begin doing now. Think about how to structure your days to pursue that goal, and give it a shot! There’s no better way to prepare for what may come, than to practice in the present.
How will you take care of yourself while in retirement?
If you retire before age 65, Medicare may not be an option. If you’re considering early retirement, check if your group health plan extends certain benefits into retirement.
Even if you retire at 65 or later, Medicare may not be your ideal solution. Consider items Medicare doesn’t traditionally cover, such as extended care or other specialized medical services.
Related: Our Free Guide to Long Term Care
There are so many personal factors when it comes to preparing for your retirement. My goal is to help navigate and provide all the education I can to help you make the right decision for your personal circumstances.
I know there’s a ton of information to take in, and I would love to help you sort it all out. What questions do you have for us here at WAG?
We’re happy to work with you either in person, over the phone, or virtually, based on your preference. Give our office a call and we can schedule some time together.