Greg Lesko on Preparing For RetirementPosted: Updated:
Bryanna: Whether retirement is far off or just around the corner, it’s never too early to prepare by asking the right questions, according to Greg Lesko of Lesko financial. Greg…
Greg: Thanks… Money is only one ingredient you need for a good retirement. In addition to focusing on savings, retirement planning involves many factors it may seem overwhelming, but one way to tackle it is to break it down into a series of questions, including four which can help you make the right moves.
The first is: will you be able to maintain your standard of living? By zeroing in on how you want to live in retirement, you can make decisions on how long to work, how aggressively to save, how to get the most out of social security, and whether to downsize.
Bryanna: What other questions do pre-retirees need to answer?
Greg: Are your investments where and what they need to be? Before retirement, your investment focus will likely be on growth, balancing the risk you can tolerate with investments that grow your wealth. Once you retire, you’ll still want some growth, but your focus will be income, how to draw down what you’ve saved and invested.
Bryanna: What non-money factors should pre-retirees consider?
Greg: How will you actually live once you retire? This focus is on how you’ll spend your time, where you’ll live to make the most of your retirement years and having something to retire to. One last question: what’s your back-up plan? Even the most thorough retirement blueprint can hit a snag. If plan “a” doesn’t quite go as expected, it’s always good to have a well-thought out plan “b.”