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Ways to Determine Retirement Readiness | Business

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Ways to Determine Retirement Readiness
Business, News
Ways to Determine Retirement Readiness

 

One of the biggest fears for those nearing retirement age is that they will outlive their money. Not knowing how they will survive the remaining years, many people approach their senior years unsure about when exactly they can retire. After all, they need to ensure they can maintain their current standard of living, once they lose the income from their current employment.

“A lot of seniors today are choosing to work longer. Some just enjoy it, but others don’t feel prepared enough to retire,” explains Samantha Fraelich-Rohe, CERTIFIED FINANCIAL PLANNER TM Professional, and Vice-President of Bernard R. Wolfe & Associates, Inc., a company that specializes in offering wealth management strategies. “It is always a good idea to assess whether you are ready for retirement before making a final decision and going for it. This will help alleviate fears and give you a realistic picture.”

Some of the most common questions and fears that people have when it comes to whether or not they are ready to retire can be answered by speaking with a professional and doing a little soul searching. Here are some of the ways to determine retirement readiness:

 

·      Mentally. Being ready for retirement requires mental readiness, as well. The person has to be mentally ready for that shift in their life. They should have the right mindset and know what they are going to do next. Having a vision of one’s retirement is constructive.

·      Financially. This is no doubt the biggest issue regarding retirement, for most people. It is important to ensure there is enough money saved and invested, and that retirement is something that can be afforded. Sitting down with a professional who can provide objectivity may help give hopeful retirees clarity on this topic.

·      Direction. Many people believe they will retire and life will be grand. In actuality, many find that they are bored and don’t know what to do with themselves. Some even feel that they have lost their sense of purpose. It is important to have a vision and direction for retirement, and to get involved in enjoyable activities.

“Most of the issues above can be answered through some honest self reflection,” added Fraelich-Rohe. “When it comes to the financial aspect, it is best to work with a professional who can give you a more accurate picture. Also, it is never too late to start planning for retirement. Even those in their 50s when they first begin to invest can still have a good retirement.”

Bernard R. Wolfe & Associates, Inc., has provided financial management strategies and investment services since 1981. They assist a wide range of private and corporate clients with everything from estate planning and investment to divorce planning. The company also offers professional women’s financial planning services, led by Samantha Fraelich-Rohe, a CERTIFIED FINANCIAL PLANNER TM Professional.

About Bernard R. Wolfe & Associates, Inc.

Bernard R. Wolfe & Associates, Inc., founded in 1981, provides wealth management strategies and institutional investment services. The company is led by a team of CERTIFIED FINANCIAL PLANNERS TM Professionals who have over 60 years of combined years of experience in the field. The team of professionals provides knowledgeable financial planning guidance to a diverse range of personal and corporate clients. To learn more about Bernard R. Wolfe & Associates, Inc., visit the website at www.bernardwolfe.com.

 

Securities and Investment Advisory Services offered through NFP Securities, Inc. Member FINRA/SIPC.

 

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