1. What will your retirement income come from?
List the income sources you expect to rely on: Social Security, pensions, retirement accounts, savings, business income, or other sources. Note when each one can begin and whether the amount is fixed or variable.
2. What will retirement cost?
Start with essential monthly expenses, then add travel, hobbies, home projects, health-related costs, gifts, and other priorities. A realistic spending picture is more useful than a perfect-looking budget.
3. When might you claim Social Security?
Claiming age can affect the monthly benefit. Your health, work plans, household income needs, spouse benefits, and longevity assumptions can all matter.
4. How much market risk are you comfortable carrying?
Retirement can change how losses feel because withdrawals may be happening at the same time. Know how much volatility you can tolerate emotionally and financially.
5. How much money should remain liquid?
Keep enough access for emergencies and planned expenses. Long-term products may have withdrawal limits or surrender charges, so liquidity deserves its own conversation.
6. Which tax questions need professional advice?
Withdrawals, Roth conversions, required minimum distributions, Social Security, and estate decisions can have tax consequences. Coordinate tax-specific decisions with a qualified tax professional.
7. What does your family need from the plan?
Retirement planning is rarely only about one person. Consider a spouse, dependents, beneficiaries, caregiving responsibilities, and the legacy you hope to leave.