Ask An Expert
How can I be sure I’m ready for retirement?
Question
Answer
When it comes to being prepared for retirement, we want to be sure you’re in control of your money, Being in control of your money first means knowing where it’s at. Write it down. Bank Balances, Investments, Real Estate. These are all considered Assets. Then write down what you owe: Credit Cards, Bank Loans, Car Loans, Mortgages. These are your Liabilities. Assets – Liabilities = Net Worth.
Once you gather your Net Worth, start to piece together your Income. Income can be in the form of Earnings from a Paycheck, Alimony Payments, Pension Income, Social Security, and More. It’s important to know where your money is coming from. Next jot down where your money goes. It may be a little time consuming and a little stressful, but having a general idea of your Ins and Outs will open your journey to Financial Freedom.
There are plenty of free apps that can put you in the driver’s seat. If you want (or need) some professional guidance, hire a Financial Advisor, one who is a Fiduciary – someone who has your best interest at heart.
