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There was a time when we would sit down with nothing more than a sheet of paper and a sharp pencil to do the math. Totalling our expenses and subtracting our revenue, the amount left over was the answer to the question, “Can I retire now?”
While the basic calculations haven’t changed, the number of options, our life expectancy and the vibrancy of retirement health have conspired to give us more to think about. Over and above the financial realities, we now consider lifestyle, purpose, our social networks and the legacy we want to leave behind. Healthcare and accommodation needs are two major areas we must plan for. As we live longer, each of these areas becomes more critical to the quality of our retirement years. The better we prepare for the future, the greater the probability of it becoming our reality. Two of the core components of planning well, are to measure your progress and to monitor regularly how well you're doing.
We use a tool in our advisory business called the Retireability Score. It was conceived and developed by my partner, Dave Allard, as a way to create a snapshot of our client’s retirement preparedness. It covers eight of the core considerations in retirement ranging from hard issues to soft. The key components of retirement that the Retireabilty Score measures are:
- Vision
- Health Care
- Interests
- Social connections
- Accommodation needs
- Lifestyle
- Financial
- Legacy
The online questionnaire takes 10-15 minutes to complete. At the end, you will receive a score out of 100. This score will reflect your preparedness across the retirement spectrum. If you would like to receive a summary of the report that shows how you scored in the individual areas you can request it via email when you’re finished. The complete report is available at a cost, your score and summary page are both free of charge. If you would like to know your Retireability score click the link and complete the questionnaire. The Retireability Score is a great snapshot of where things stand for you right now and it’s also an excellent way to begin thinking about the key issues in retirement.
Questions or comments? Navigation Wealth Management
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
