Are you ready to retire? Ask yourself these 6 questions


Louisville, KY—November 9, 2011—Among the 10 most frequently addressed retirement issues, U.S. News & World Report staff writer Philip Moeller identifies: boomers turn 65 unprepared for retirement, Americans don’t understand finances and investments, and retiree concerns about outliving their money. “These issues suggest that Americans need to get much savvier about their financial lives—and quickly—if they’re going to have some peace of mind and security during retirement,” said Carla Dearing, CEO of SUM180, an online financial planning service SUM180 is an online financial planning service designed to make financial planning simple and affordable.

To help those considering whether they’re ready to retire, Carla suggest answering these six questions:

1.     Have you explored “downsizing” your living expenses? 
You may know that your living expenses in retirement will likely be between 80% and 100% of your pre-retirement living expenses. Taking a gradual approach to downsizing your spending will let you significantly cut your monthly expenses without feeling the shock of adjustment.  Take a close look at your monthly expenses and identify items you can do without. Start eliminating a few at a time.

2.     Do you have a clear end game?  
You may have a good general sense of how much money you need to retire, but you aren’t truly ready to retire until you understand what that means in day-to-day terms. Compare your “retirement number” to your anticipated monthly expenses. Identify discrepancies and make adjustments as needed. It’s a good idea to have an up-to-date and comprehensive financial plan that gives you a clear picture of your financial situation and specific action steps to address any adjustments that need to be made prior to retirement.

3.     Where are you on your debts? 
You should understand what you owe and how much longer you need to work to get your debts cleared up.

4.     Have you “right sized” your mortgage? 
You don’t need to pay off your mortgage necessarily, but need to make sure your mortgage payments are at a level you can afford in retirement. Downsizing your home can also be a real opportunity in retirement as doing so can cut your living expenses considerably.

5.     Have you considered the different types of income sources available to you in retirement? 
There are many paths to a comfortable retirement; many different ways to patch together the right assets and investments to provide for your retirement. Even if your investment portfolio is not large enough to support your retirement needs, for example, you may find that you have other assets (a business, or real estate) that can contribute.

6.     What would be the impact of continuing to work at your peak earning years on your quality of life in retirement?  
Even one or two extra years of work during your peak earning years could have a significant effect on your quality of life in retirement. Consider this question carefully as you plan when to retire.


About SUM180

SUM180 is an online financial planning service designed to make planning and dealing with your money simple and affordable.

Specifically, SUM180 is differentiated in the following ways:

·     SUM180 meets people where they are. SUM180 plans are personalized to help people wherever they are right now on their financial journey; whether they’re just beginning, starting over or well on their way.

·     SUM180 plans are simple. They start with only the three (3) most important next steps, making them easier to accomplish, and gives clients a clear picture of where they are.

·     SUM180 doesn’t assume clients want to become financial experts to meet their financial goals. SUM180 provides the tools they need, without overwhelming them with “education” and details they don’t need.

·     SUM180 offers a community for users, unfiltered, which allows them to explore and share.

·     SUM180 serves; never sells. Earning and keeping client trust is SUM180’s highest priority. SUM180 never makes commissions from any of its recommendations, ever.

Additional information about SUM180 may be found at

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Robin Schoen
Robin Schoen Public Relations
215.504.2122 office
215.595.7542 mobile

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