You’re counting the days until you can retire, but are you on track for retirement? Turning 67 won’t matter if you aren’t financially ready to retire. Reduced Social Security benefits are coming. It’s not a matter of if, it’s a matter of when. It is crucial to have other sources of income in retirement before you quit working.
To ensure you are on track for retirement, schedule a retirement checkup with an Alloy Wealth fiduciary financial planner. They will evaluate your estate plan, your investments, insurance policies, and discuss tax planning strategies that may help you achieve your goals. Then offer their honest opinion as to whether you’re financially prepared for retirement or not.
As much as you may not like the idea of delaying retirement, it may be the best option depending on your situation. It’s better to keep the job you have then to retire and not be able to afford to make ends meet. Many retirees have recently been forced back into the workplace at a time when many people are struggling to find employment. Yet there’s no need to worry about something you can control.
If you are ready to retire and we feel you don’t have the income needed to support your current lifestyle, you will have options. You can downsize to reduce spending. If the kids are out of the house, sell and buy a condo or townhome. It will be an adjustment to have immediate neighbors, but condos and townhomes have lower maintenance and insurance expenses.
Sports cars and luxury vehicles have higher maintenance and repair fees, and high insurance premiums. If it isn’t your everyday car, sell it. If nothing else, retire as planned then find a part-time job to supplement your income. Or turn your hobby into a business. Furniture repair, photography, writing, golf, and art are examples of hobbies that others have turned into lucrative side hustles. If you aren’t sure whether you are on track for retirement or not, call us. We will do everything we can to help you achieve your goals! 800-689-3935
Are You On Track For Retirement
