When we started thinking about retiring, these were some of the topics we had to consider and discuss. Today is never to soon to start thinking about retirement because it takes that much forethought to make your retirement dreams a reality.
What are your plans for retirement? Are you content to stay put and just enjoy your home, or do you want to travel and see the world?
Will your home be paid off? What about the taxes and upkeep of your home and it's property, do you need to downsize as part of your retirement? Are you considering the equity in your home to supplement your retirement?
What about your vehicles, will you continue to buy new vehicles when you retire, will you pay cash for them, what about maintenance on your vehicles? Will you even be able to afford the fuel to put in your vehicle, what if fuel is $8.00 or more a gallon by the time you retire? How will you deal with transportation if you are no longer capable of driving? Who will take you to the grocery store, to medical appointments?
How will you afford Health Insurance? Will you have the money for monthly prescriptions, even copays can get expensive if you are on a number of medications. What happens if you are hospitalized, those copays or deductibles are expensive.
What happens to your retirement income if one person dies or becomes incapacitated and needs round the clock care like from a nursing home or extended care facility?
If you are fortunate enough to get a company paid retirement income, does that income stop or benefits change if the retired employee dies?
What about life insurance, if you have a whole life policy, is it enough to pay for what you still owe and help provide for those left behind? With Term Life, the monthly cost continues to escalate the older you get and can be cost prohibitive to keep for the long haul - can your family do without that term policy?
Many people need social security to assist them for retirement but how long is social security going to be around? Should you/can you count on it for income?