Retirement Planning

Retirement Planning

Are you really ready?

Would you like to travel?

Would you like to have your house and all of your bills paid off by then?

Are you saving enough now to accomplish your goals?

Would you like to know how ready you really are?

If you are already retired, do you have a plan to ensure you don’t outlive your assets?

What will happen if the market melts down again?

If you answered YES to any of these questions, you may be ready for retirement, but just to be sure, scroll down to take the Retirement Test.

Retirement Test

This test consists of a series of questions about your retirement plan. It will help you take a quick snapshot of how well you are prepared for retirement.

· What would be a comfortable monthly retirement income in today’s dollars,?

· How much will your Social Security be paying your per month in retirement? Is that at age 62 or full retirement? Which one would provide the most benefit for you?

· How much will your monthly retirement or pension be?

· Is there a difference between your combined pension and Social Security? Are you comfortable with that?

· How much do you have in retirement savings? Is it enough to offset the difference between your desired retirement income and your combined pension and Social Security income?

· Will it be enough to last for the rest of your life?

· What impact will inflation have on your retirement? Historically, it’s been over 3%.

· What are Required Minimum Distributions (RMDs) and how will they affect your plan?

· How will taxes affect your plan?

· Did you know that your Social Security benefit can be taxed? Will your investments increase or decrease that tax?

· Are your beneficiaries designated correctly? If your children divorce, will your grandchildren be disinherited?

· Did you know that about half of us who reach retirement age will require some form of long term care? Do you have a plan? The State of Kansas does.

· Will your assets go through probate and pay fees up to 7%? There are alternatives.

If If you can not answer two of more of the above questions, you do not have a retirement plan.

Veterans Benefits (click here for more info on Vet Benefits)

Did you know that upon reaching age 65, you may qualify for a pension from the VA?

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