Apparently, some millennials don’t want to work the rest of their lives. They are working toward FIRE, or Financial Independence, Retire Early. Go figure. Actually, retiring early requires a lot of figuring out!
“Figuring out how much money you will need in retirement requires knowledge far beyond most people’s grasp—and far beyond the grasp of even many professionals,” according to the Wall Street Journal.
If you are, or you know, one of these folks ready to hang up the cleats before the government-ordained retirement age, make sure to contact a wealth manager at AIFS. Here is some advice you could forward to them.
What makes the biggest difference is not what you are retiring from, but what you are retiring to. What are you going to do? Last week we looked at some statistics that say many of us—including professionals—underestimate the amount of money required to enter retirement. Today, let’s look at how we help our clients discover what will create a meaningful post-retirement journey.
We break up our retirement discovery planning into seven categories. Here are a handful of questions to ask yourself.
Goals and objectives
- What do you want for your loved ones?
- What professional obligations are most important to you?
- How are your assets structured?
- What are your liabilities?
- What family relationships are most meaningful to you?
- What professional relationships would need to be addressed if something were to happen to you?
- What are your favorite activities?
- Are there any philanthropic causes that are very important to you?
- Who is managing your money?
- What is your banking relationship?
- How do you prefer communicating with professionals you work with (in person, by phone, by email, etc.)?
- Who else should be involved in meetings and planning sessions about your wealth?
- What are your guiding principles?
- Can you give me an example of an opportunity you turned down for ethical reasons?