Identify Your Needs

Am I financially ready to retire?

Deciding to retire is a big decision – one which may seem intimidating. And while images of traveling or relaxing on the beach may have you ready to quit working, obviously, it is necessary to check your finances first.

Your Raymond James financial advisor can help guide you toward an informed decision. He or she can evaluate your financial situation and provide you with a realistic view of your retirement future.

Ask yourself these questions when considering your retirement.

What do I want to do?

It usually takes more money to travel around the world than it does to settle in a comfortable retirement community. So, it’s a good idea to understand your expectations – whatever they might be – and communicate them to your financial advisor.

What will my future expenses be?

Take a look at what you’re spending now. How will retirement affect those expenses? Some of your bills – such as housing – may decrease, while others – such as medical costs – may rise. Calculate your estimated retirement budget to determine how much you could be paying. Remember that your money and expenses will be subject to inflation.

How much money will I have?

Review your financial statements to determine your current situation. Consider any retirement alternatives that you have invested in – such as a company 401(k) or an IRA. Your financial advisor can give you a better idea of how much will be available to you on a monthly basis. Compare this amount to your estimated expenses. If your income exceeds your expenses, then you are in good shape. If it doesn’t, it may be time to readjust your retirement goals or continue to save for future retirement.

Retirement should be a rewarding experience. Make sure yours will be too by getting advice from a professional. Contact your Raymond James financial advisor today or use the Office Locator to find our office(s) nearest you.