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10 Questions for Your Retirement

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Wednesday, September 28, 2016

According to the U.S. Census, there are over 75 million Baby Boomers (born between 1946 and 1964) in America. That equates to a lot of people either approaching or already at retirement age.

The old fashioned idea of working for 40 years, retiring with a good pension, and a comfortable retirement is no longer the norm. For older Americans who are nearing retirement age, there are many factors to consider.

Here are some questions that will help you prepare for your golden years:

1. Have you assessed your financial situation?

Estimated annual expenses during retirement

Estimated annual income during retirement

Total current assets and savings

Total current liabilities

Health insurance coverage

Long term care insurance coverage

Life insurance coverage

Wills, Power of Attorney, and other estate planning essentials

Beneficiary designations

2. What are your retirement goals?

Pay off mortgage?

Fund children’s education?

Retirement property investment?

3. What are your expected retirement income sources?

Social Security


Savings and investments

4. If needed, have you considered needing additional income in retirement?

Work part-time?

Cut expenses?

Delay retirement?

5. Have you factored in inflation, taxes, and conservative rates of return?

6. Do you have a 401(k) or IRA?

7. Do you have or have you considered purchasing annuities?

8. What other investments do you have?

Cash value life insurance?

Mutual funds?

Stocks and bonds?


9. Have you discussed changing your investment strategy once you reach retirement with your financial advisor?

10. Have you considered your estate planning strategies?


Gifting assets

Durable Power of Attorney

Advanced medical directives

Once all the relevant data has been gathered, it’s time to calculate exactly how much income will be required. A good retirement calculator can help assess the income needed to support a comfortable retirement.


Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Lawrenceville, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 800-367-3000 Visit our website: www.davidlerner.com

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