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Planning for Retirement? Here’s Ten Questions You Need to Ask Yourself

By JLP | October 5, 2005

In her book, The Savage Number, Terry Savage mentions these ten questions you should ask yourself if you are planning for retirement:

1. How long will I live?
2. What will inflation do to the value of my savings?
3. How can I save enough?
4. How should I invest the money I’ve saved for retirement?
5. How much will I spend to live in retirement?
6. How much can I withdraw each month without running out of money?
7. What’s the biggest danger to my retirement plans?
8. How can I earn money during retirement?
9. How can I retain control of my financial life?
10. What if I have money leftover when I die?

I think each person or couple should approach these questions like a business plan and write out a response for each question and keep their “retirement plan” with their financial plan. I plan to dedicate more time to retirement planning once I get my feet back on the ground.

Topics: Retirement Planning | 2 Comments »

2 Responses to “Planning for Retirement? Here’s Ten Questions You Need to Ask Yourself”

  1. Nina Says:
    October 7th, 2005 at 8:17 am

    Taking action is the first step to financial independence. If more Americans could actually sit down and write the answers to these questions the better prepared they would be for retirement. The only thing worse than being young and poor is being old and poor.

  2. Madame X Says:
    October 7th, 2005 at 9:09 am

    Asking these questions is key, I agree. My only problem is that I have no idea how to answer them!
    I suppose some of them are answerable, or at least guessable. And that is better than nothing.