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Retirement planning is important because you need a plan after you retire. This planning determines how satisfied and comfortable you will be after you retire. You need a plan that has been thoroughly revised at least twice per month to ensure your lifestyle changes match your retirement needs. Ask yourself these 5 questions when you’re planning for retirement.

1. Where Will You Live?

Do you plan on remaining in your current home when you retire or are you moving to an assisted living residential community? Another option you may have is downsizing. If your current home has too much space, you may consider moving to a smaller home. A smaller home means less to clean and maintain. Do you plan on moving across the state or in the same city? Maybe you want to be closer to your family.

2. Who Would You Like To Be Close To?

You need to think about who you would like to spend most of your time with. Considering this factor can help you determine where you would like to live after you retire. Maybe you would like to live closer to friends and co-workers, your children or close family friends. Maybe you and your spouse would like to move in a location that is a median for everyone you would like to be close to. To help with this factor, consider who brings the most pleasure and meaning to your life. Many people who are retired are not completely satisfied with their retirement because they are far from their loved ones.

3. Why Do You Want The Retirement Life You Want?

When you’re asking yourself why you want the retirement life you want, consider two questions. What would you do if you had a short time to live? How would your retirement life look if you were immortal? Asking yourself these questions will help you with retirement planning by helping you distinguish between your needs and wants for retirement.

4. What Will You Do When You Retire?

Do you know what you will be doing once you retire? Are you interested in traveling or will you apply for a part-time job? Are you planning on adopting hobbies or volunteering? You may plan to spend most of your time with friends and family. Asking yourself these questions will help you better prepare for a retired life you are satisfied with. Whatever you decide, it will give you an idea of what your retired life will consist of.

5. When Will You Retire?

Do you know when you will retire? The time you plan on retirement depends on how long you have worked, how well you have prepared for retirement, and how much money you have saved for retirement. Over 40 percent of Americans are not ready to retire, and 60 percent of Americans do not know how much money they need to retire.

Here at Roberts Tax Advisory, we are ready to put our expertise to work to help you with all of your financial needs, including taxes, retirement, and much more. Contact us today to see how we can help you get your finances on track or maintain them.