With everything happening in the last year, your retirement years could have gotten a little bit cloudier as our economy went through many ups and downs in 2020. However, you still can get back-on-track by taking these parameters to build your retirement accounts before you enter your retirement years.

What are you worried about the most in retirement? Some of the common worries could include not knowing what to do, worrying about running out of money during those years, unforeseen circumstances or life events, or even taking care of children or grandchildren.

Annuity Alliance is here to assure you there is still time to establish a plan, discuss your retirement strategy with a licensed professional for ideas, and even select products designed to provide guaranteed lifetime income (like an annuity).

Time flies when you are having fun. If you have children, you understand how 10 years can fly by in the blink of an eye. Next thing you know, the kids are in college or getting married, and you are 50 years old wondering how you can retire in 10 to 20 years.

Take some time to reflect on some very important questions before meeting with a financial professional.

• Take some time to assess what sources will provide income for you (i.e., 401(k), annuities, etc.).
• Can you place more funds into these financial products to reach your retirement goal number?
• How much Social Security will you receive?
• How much risk are you willing to take with your retirement funds? Do you want to be safer with annuities and CDs with less growth or take more risks in stocks?
• Review your annual expenses and your lifestyle choices. Food and drink costs alone could eat away at most of your retirement fund. What about traveling and vacations? What about your children and grandchildren? Holidays? Housing? Vehicles? Utilities? That’s a lot of different variables to consider, right?
• Think about healthcare and medical expenses. Do you have a plan for long-term care if needed? What type of Medicare options are available at age 65? Do you have a lot of prescriptions? What about vision or dental? What if you are hospitalized for a long amount of time?
• Trust or Estate Planning. How will you leave your legacy to your spouse, beneficiaries, or even a charity? Who has Power of Attorney over your estate or to make decisions for you if needed?
• What about part-time work after you retire? Do you want to work during retirement years? Volunteer?

You aren’t behind the 8-ball in your retirement planning yet. Think about the questions above, come up with your proposed retirement date, and then contact Annuity Alliance to set an appointment with a licensed professional to assist you in reaching and being prepared for your retirement years.