Your Top 5 Retirement Questions Answered by a Financial Advisor
Executive Summary
After 14 years of working with clients, I’ve noticed something: no matter who walks into my office, I almost always end up answering the same handful of questions in our first meeting. People want clarity, and these five questions show up every time.
See an in-depth exploration of this topic here: https://www.youtube.com/watch?v=ffuaMHdSgFo
Take the “How Much Do I Need to Retire?” quiz here:
https://securequiz.kingsview.com/keith-real-wealth-quiz-youtube#q1
Want to make sure your money lines up with your life?
FREE Designing the Retirement You Want Guide
Your Top 5 Retirement Questions Answered by a Financial Advisor
When most people think about investing for retirement, they think about markets and portfolios. But your health plays just as important a role in determining how well your plan works. The earlier you start treating your health like an asset — something worth building and maintaining — the longer your financial plan can support the life you want.
1. How much do I actually need to retire?
Most people want a single number that equals financial security. But that number matters far less than understanding what you’ll actually spend when you’re no longer working. Retirement calculators often assume you’ll spend 75–80% of your working income, but that’s not how real life works. Your spending categories shift. Some expenses disappear; new ones take their place.
The better question is: What does your life cost when work isn’t part of it anymore?
A simple three-step process can help:
• Remove work-related expenses such as commuting, clothing, professional fees, or support services you needed only because you were away all day.
• Add in your retirement expenses. With 2,000 extra hours a year, your lifestyle will naturally expand—travel, projects, time with family.
• Consider retirement in phases. The first 8–10 years, the “Go Years,” tend to run 15–20% higher than expected. Spending typically tapers in the “Flow Years.”
When you know the life you’re building toward, you can work backward to determine the plan that supports it.
2. Should I pay off my mortgage before I retire?
There is no universal answer; it depends on four variables: interest rate, taxes, cash flow, and emotions.
- Interest rate: If your mortgage is at 3–4% and your investments earn more, keeping the mortgage may make financial sense. At 6–7%, the advantage diminishes.
- Taxes: Paying off a mortgage with IRA or 401(k) withdrawals means creating taxable income.
- Cash flow: How will the payment feel once paychecks stop?
- Peace of mind: For some, the emotional return outweighs the mathematical one.
The goal is alignment: your decision should support the way you want to live in retirement.
3. When should I start taking Social Security?
You have three timing options: start early, file at full retirement age, or delay.
- File at 62 and benefits are permanently reduced.
- Full benefits start at 66–67, depending on birth year.
- Delaying increases benefits by 8% per year until age 70.
What’s right for you depends on income needs, health, longevity, and spousal benefits.
Even with trust fund concerns, Social Security is not disappearing. The system is primarily funded by ongoing payroll taxes, which means that even in worst-case projections, about 75-80% of benefits will continue to be paid.
Don’t file early out of fear. Make the decision based on your plan and your life.
4. How do I make sure I don’t outlive my money?
Longevity risk is real. A third of today’s 65-year-olds will live to 90, and some far beyond that. To prepare, retirement plans need shock absorbers—tools that help your plan flex when life changes.
Two key ones:
- Dynamic spending: Adjust withdrawals based on market conditions.
- Income floor: Cover essential expenses with stable income sources like Social Security, pensions, or basic annuities.
These strategies help create flexibility over a long retirement span.
5. Should I plan to work part-time in retirement?
For some, part-time work fills a financial gap—bridging to Medicare, reducing withdrawals, or providing extra margin in the early years. Even 10–15 hours a week can create meaningful stability. For others, it’s about purpose and connection, not income.
The question to answer is simple: Do you want to work, or do you need to work?
Understanding that distinction helps shape how part-time work fits into your retirement strategy.
A thoughtful approach to these five questions can help you create a retirement plan that adjusts as your life changes. When you plan with intention, you give your money a purpose that supports the life you want.
Real wealth starts with real life. Don’t just plan the numbers. Plan the life.
Contact Information
Keith Demetriades, CFP®, CKA®
Kingsview Partners — Pampa, Texas
(806) 223-1105
www.kingsview.com/advisor/keith-demetriades/
Keith believes real wealth starts with real life. He created the 4D Client Experience to help guide decision-making and ensure your money works as a tool to support your life. If you’re ready for a financial plan that reflects how you live and what you’re building toward, contact Keith at the number above or visit Kingsview Partners.
Disclaimer
The information provided in this blog is for educational purposes only and should not be considered financial advice. Please consult a qualified financial advisor to discuss your specific situation and needs. Past performance does not indicate future results, and all investments carry risks, including potential loss of principal. Any financial product or strategy references are purely illustrative and should not be construed as endorsements or recommendations.
Investment advisory services offered through Kingsview Wealth Management, LLC (“KWM”), an SEC Registered Investment Adviser. Insurance products and services are offered and sold through Kingsview Trust and Insurance Services (“KTI”), by individually licensed and appointed insurance agents. KWM and KTI are subsidiaries of Kingsview Partners. KWM is an investment adviser registered with the Securities and Exchange Commission (“SEC”).
