Retirement Quiz: Can You Answer These 4 Questions?
One of our most important goals is to financially educate our clients, and a very important part of this education is asking thoughtful questions that lead the client to think about things in a new way, and learn to think outside the traditional “financial planning” box. This empowers our clients to direct their financial plan in the way they want it to go.
Unfortunately, some advisors are more of the “I’ll-handle-it-all-for-you” type, which can leave their clients stranded if the advisor leaves the business, loses touch, or the client simply doesn’t really understand what’s happening with their financial plan.
Providing an education and teaching our clients to think for themselves gives them more control over their financial life, and more options for directing and controlling their wealth.
In all of our years of doing business, we’ve found there are 4 very important financial questions that every person who is concerned about their financial future should know the answers to.
Keep in mind that while these are universal questions, they have very individual answers! Your answers to these questions will be completely different from your neighbor’s answers – and possibly even from your spouse’s.
Take the quick quiz below – it’s easy – just answer “Yes” or “No” to each question, and make a note of your answers to each one – you’ll need them later:
Question #1. Do you know the rate of return you will need to earn on your savings and investment dollars in order to be able to retire at your current standard of living, and have your money last you the rest of your life?
Question #2. Do you know how much money you need to save annually to retire at your current standard of living and have your money last throughout your lifetime?
Question #3. If you keep doing what you’re currently doing (in terms of earning, saving, investing, etc.), do you know how long you will need to work before you can retire and have your money last the rest of your life?
Question #4. If you keep doing what you’re currently doing (in terms of earning, saving, investing, etc.), do you know how much you will have to reduce your standard of living at retirement in order for your money to last you for the rest of your life?
So, how did you do?
Did you answer “Yes” to every question? If so, you’re more financially prepared for retirement than 99% of Americans!
If you did NOT answer “Yes” to every question, what are you going to do about it? When do you think you would like to know the answers?
Our experienced retirement planning advisors can give you the answers to each of these questions in less than 10 minutes. Contact us today to schedule your free evaluation! 614-536-0088. (Be sure to reference this blog post when calling.)