Who Are You in Retirement? Here's How to Find Out | Guiding You Forward

If you have questions about the best way to plan for your retirement years, you’ve come to the right place! The podcast lounge is where questions get answered. Today is no exception because we’re talking with Monica Hensen, sales manager at Mountain America Investment Services.

Check out this episode and learn:

• The number one thing you need to know to start planning your retirement.

• Why it’s so important to involve your partner and family unit.

• What you need to consider when it comes to taxes and healthcare.

Throughout all the podcast episodes we’ve done on this topic, there’s one common sentiment that always comes up as the first thing to do when planning your retirement. It’s thinking about what you want to do—how do you want to fill your days in retirement? Whether it’s travel, spending time with family or focusing on your hobbies, Monica explains how this decision can change your needs and, possibly, the way you’re saving.

Monica also stresses the importance of involving others in your life in the planning process. This will help make sure you’re on the same page with your partner when it comes to how you’ll spend your retirement years together. And, when it comes to your family unit (children, siblings, etc.), involving them in the process can help clarify your wishes. Watch the video above for more on this topic.

There are two things that are often overlooked when planning for retirement—taxes and healthcare. Monica urges you to take a look at your family history when deciding how many years you may have in retirement and what type of healthcare you may need. Keep in mind that Medicare and Social Security will not be enough to sustain most people in retirement.

Your tax situation may change in retirement, too. You may be in a different tax bracket because you aren’t making as much money and, as Monica reminds us in this video, different investment vehicles are affected by taxes in different ways.

There are so many things to consider when planning for retirement—that’s why it’s always a good idea to meet with a wealth advisor. Professionals, like those at Mountain America Investment Services, can walk you through all available options and help to prioritize your goals.

And don’t forget to take your retirement plan for a test drive. Monica offers tips on how best to do this and explains that you may have to do it more than once. Watch the full video above for more information.