4 Questions to Ask Before You Retire

Retirement Planning

4 Questions to Ask Before You Retire

Posted by COTO Insurance & Financial Services
4 weeks ago | January 21, 2019

Is 2019 your year? Maybe you’ve been counting down the days until retirement, and you think you’re almost there. Before you take the leap, ask yourself these four questions and evaluate your answers.

Where do I want to live? No longer bound by proximity to work, school zones, and the other limitations of your working life, you could theoretically live anywhere you want. Are you comfortable with the crime rate in your current area? What about being close to extended family? Does your community have plenty to offer to retirees? If you’re considering a move to another location, have you investigated the cost of living and tax structure there? Some states are more tax-friendly to retirees than others.

What happens if I can no longer drive? It’s no secret that as we age, vision problems, Alzheimer’s, health conditions, and other circumstances can impact our ability to drive. If this happened to you, how would you travel to doctor appointments, the grocery store, and so on? Hopefully you’ll never face this concern, but it’s worth consideration. For this reason, many retirees choose to live near their adult children, an extended network of friends, or in a city with public transportation.

How far away is medical care? It can be tempting to choose a remote, but beautiful, location for your retirement. But if you don’t have a wide range of medical care options nearby, that remote location can quickly become a burden.

What if I need long-term nursing care? At some point, you might need either nursing care in your home, or a specialized facility. Have you investigated your nearby options, and prepared your budget for the expense?

Aside from these location-based quandaries, we also urge you to check and double check your financial plan. Schedule an appointment with us as your expected retirement date draws closer, and we can help you identify any potential weaknesses in your plan, or show you alternative opportunities. With a solid financial plan in place, you will enjoy the freedom to choose the life you want in retirement.

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