If you were a pilot, would you take off before completing a pre-flight checklist -— making sure you have enough fuel and all systems are go? Of course not; so why take off into retirement without first checking all the boxes? You don’t have to because we’ve got your retirement pre-flight checklist right here. Financial planner and teacher Rob West goes over it with Mark Biller, the executive editor at Sound Mind Investing.
- What's the first item on the checklist?
- Should you estimating your retirement budget?
- What about a plan to become completely debt free?
- How about determining your living arrangements?
- What about estimating your “guaranteed” income and estimating healthcare needs?
- Finally, should you estimate your investment income?
Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
- With life-spans lasting longer and education costing more, how do go about saving for retirement?
- If you're 57 and lost quite a bit of money in your 401(k) in 2008, should you ride it out until retirement or try to recoup the loss somehow?
- If you've departed a job and have $2,500 in a 401(k), what should you do with this?
- At age 50, how do you start a retirement plan?
- At age 67, have you missed the window on converting a traditional IRA to a Roth IRA?
- Is there any financial benefit for maintaining debt?
- Where do you go to find long term care insurance?
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