Most people have big dreams about retirement that include the grand speeches, the sendoff from co-workers, and all the time in the world to do whatever you want whenever you want. Before you get to that big day, there are some important things you need to consider as you make your Florida retirement plans.
- Step 1: When Can I Retire? – This will depend on many factors, and your financial advisor can help you pinpoint the approximate timeframe of when retirement may be possible for you. A large part of your retirement plan hinges on this, so it is helpful to have as accurate an idea as possible.
- Step 2: What Will It Cost? – The type of lifestyle you want to enjoy will be a huge contributing factor here! The more you want to have and do, the more you will need to have saved away!
- Step 3: Money From a 401K- Do not overlook investment opportunities that are available now. Take advantage of opportunities like a 401K.
- Step 4: Choose the right investments- Your advisor can help you determine if stocks, savings, IRA, or precious metals are right for your needs. Each saving and investment option is different, so you need to find the one that is right for you.
- Step 5: Stocks or Bonds -There is still a place for these in your investment portfolio, so don’t overlook them.
- Step 6: Will Social Security be around? -There is so much uncertainty about social security that it’s hard to know how to plan for this chunk of your retirement needs. Meeting with a financial advisor can help clear the waters and give you some help if your plans change due to changes in the political realm.
- Step 7: Insurance considerations- After retirement, you will be relying largely on your savings, but you will also be getting older and will likely have more health concerns to address.
- Step 8: Enjoy life- Retirement for many people is like being released from prison, so make sure you enjoy whatever it is you do and wherever it is that life takes you! Prepare the best you can ahead of time and enjoy living life!
If you have questions about setting up your Florida retirement plan and need help determining what you will need and how you can plan, give us a call. Mountain West IRA is here for you!