Ready to Retire in 2021? Ask Yourself These 3 Questions

retirement planning questions

Will 2021 be your retirement year? And how do you know when it’s time to retire? For some, retirement comes at a milestone. Maybe it’s 35 years on the job or your 65th birthday, or maybe your goal is to retire when you have a certain amount in savings. Retirement is different for everyone, and it’s a big decision to make. You might not be ready on your 65th birthday, or maybe you’ll be ready before that. Either way, take the time to decide if you will retire in 2021 by answering these three questions.

Have you saved enough?

By looking at the expenses you expect in retirement and the number of years you will be in retirement, you can get a better idea of how much you will need. It would help if you also prepared for surprise expenses, the lifestyle you want to live, and factor in your tax burden. All of this combined can help show you how much you should have saved and if you are ready for retirement.

Do you have enough to do?

Transitioning into retirement is no small task. It’s important not to overlook how you will spend your time in retirement. Picking hobbies and things that interest you and planning different post-retirement activities gives retirees a sense of purpose. Volunteering can be a rewarding way to spend free time and can help develop new social connections and bonds with the community.

Do you have a plan?

 Retiring without a plan is like driving with a blindfold on. It’s important to know your retirement goals and have a roadmap for how to get there; from how much income you need to generate to how you’ll minimize your tax burden. You can also take the time to review your investment plan at the beginning of the year to help identify what might need to change. We can help you create a comprehensive retirement plan based on your unique situation and recommend adjustments as needed. If you’re nearing retirement or retired recently, make 2021 the year you will prepare for the coming decades.

Maybe 2021 is the year for you to retire, and maybe it’s not. But after the hustle and bustle of the holiday subsides, it’s important to take some time to think it over. We can look at your portfolio and help you determine the right time to retire and how to do it. We can consider your financial situation and your lifestyle goals to help you feel secure in your decision. Schedule your no-cost, no-obligation financial review today to start the conversation.

The commentary on this blog reflects the personal opinions, viewpoints and analyses of BML Wealth Management’s employees providing such comments, and should not be regarded as a description of advisory services provided by Cooper Financial Group. The views reflected in the commentary are subject to change at any time without notice. Nothing on this blog constitutes investment advice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future returns.

Investment Advisory services are offered through Cooper Financial Group, an SEC Registered Investment Advisory firm. All Insurance Services are offered through BML Wealth & Insurance Services. California Insurance License #0M15550. BML Wealth Management & Cooper Financial Group are not affiliated.

We do not provide tax or legal advice, all individuals are encouraged to seek guidance from qualified professionals regarding their personal situation. Any references to protection benefits or steady and reliable income streams in this guide refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by insurance company. Annuities are not FDIC insured. Indices mentioned are unmanaged and cannot be invested into directly.

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