If you’re like most people, you probably haven’t given much thought to what you’ll do after you retire. But William Schantz of Mid Atlantic Financial LLC explains that it’s important to think about whether or not you’ll want to keep working, even in a part-time capacity.
There are a few things to consider when making your decision. First, think about your financial situation. Will you have enough money to live on without working? If not, you may need to keep working in order to make ends meet.
Second, consider your health. If you’re in good health, you may be able to work well into your retirement years. But if you have health problems, you may need to retire sooner than you’d like.
Finally, think about your personal preferences. Do you enjoy working? Would you like to have a job that keeps you active and engaged? Or would you prefer to retire completely and spend your days relaxing?
William Schantz says that only you can answer these questions, but it’s important to give them some thought before you make any decisions about retirement. If you’re not sure what you want to do, talk to a financial advisor or Retirement counselor who can help you plan for your future.
William Schantz Explains Why You Need a Backup Plan in Retirement?
As you approach retirement, it’s more important than ever to have a backup plan in place. There are a number of potential risks that can derail your retirement plans, from unexpected medical expenses to a sudden dip in the stock market. Having a solid backup plan can help you weather these storms and keep your retirement on track.
Here are a few reasons according to William Schantz, why you need a backup plan in retirement:
- Unexpected medical expenses can quickly eat into your savings.
- A sudden dip in the stock market can have a big impact on your portfolio.
- Inflation can erode the purchasing power of your savings over time.
- Longevity risk – the risk of outliving your savings – is a very real concern.
- You may need to supplement your income if your retirement plans change unexpectedly.
- A backup plan can provide peace of mind in retirement.
No retirement plan is perfect, and there are always going to be some risks that you can’t control. Having a backup plan in place can help you weather the storms and keep your retirement on track.
Final Word from William Schantz
Retirement can be a scary proposition for some people, especially if you haven’t considered how it is going to affect your overall portfolio. William Schantz explains that some people are not good at saving and may not have enough funds in their account to fund their lifestyle in retirement. Therefore, it is best that you consider having a backup plan in place.
Most people want to keep working in retirement, and many people are choosing to retire much later, largely in part due to the economy and the fact that they don’t have much savings in place. If you’re thinking about retirement, it’s best to start saving early, and have a backup plan in place as a fail-safe for when you don’t have enough money to fund your retirement.