Are You Asking the Right Questions About Retirement?
If you’re between 55 and 75 years old, you’ve likely spent decades working hard, saving diligently, and looking forward to retirement. But as retirement approaches—or if you’ve already retired—the financial decisions you make become even more important.
The good news? You don’t need to know all the answers.
You simply need to start by asking the right questions.
At Venn Financial Solutions, we believe that successful retirement planning begins with understanding your goals, concerns, and priorities before recommending any strategy. Every family is different, which is why we take a personalized, fiduciary approach to helping our clients prepare for retirement.
1. Will My Retirement Income Last as Long as I Do?
One of the biggest concerns retirees have is running out of money.
Questions to consider include:
- How much income will I need each month?
- How long could my retirement last?
- How will inflation affect my purchasing power over the next 20–30 years?
- Where should my retirement income come from first?
A thoughtful income strategy can help provide confidence regardless of what the markets are doing.
2. What Happens if the Stock Market Drops?
Market volatility is a normal part of investing, but your ability to recover from losses changes as you approach retirement.
Ask yourself:
- How much risk am I currently taking?
- Could I comfortably handle a 20%–30% market drop?
- Would I be forced to sell investments during a downturn?
- Does my portfolio match my retirement goals?
A diversified retirement strategy should balance growth opportunities with risk management appropriate for your situation.
3. How Much Will Taxes Affect My Retirement?
Taxes can become one of the largest expenses during retirement.
Important questions include:
- Will my retirement accounts create taxable income?
- How will Required Minimum Distributions (RMDs) affect me?
- Could Roth conversion strategies make sense?
- How might taxes impact my heirs?
While we do not provide tax or legal advice, we frequently work with clients’ CPAs and attorneys to develop tax-efficient retirement strategies.
4. How Will Medicare and Healthcare Costs Impact My Retirement?
Healthcare expenses continue to rise, making Medicare planning an important part of retirement.
Questions worth asking include:
- When should I enroll in Medicare?
- Which Medicare coverage best fits my needs?
- Could my income increase my Medicare premiums through IRMAA?
- How should I prepare for future healthcare costs?
Planning ahead can help reduce surprises and improve long-term financial confidence.
5. Is My Spouse Financially Protected?
Many retirement plans focus on one individual but overlook what happens if a spouse passes away first.
Consider:
- Will my spouse have enough income?
- Will pension or Social Security benefits change?
- Are beneficiary designations up to date?
- Is our estate plan current?
Protecting your family is an essential part of comprehensive financial planning.
6. Am I Paying More Fees Than Necessary?
Many investors are surprised to learn exactly what they’re paying in investment fees.
Questions to ask include:
- What are my investment expenses?
- Am I receiving value for those fees?
- Could lower-cost options be appropriate?
- Is my advisor acting as a fiduciary?
Understanding your costs is an important part of making informed financial decisions.
7. Do I Have a Written Retirement Plan?
Having investments is not the same as having a retirement plan.
A comprehensive retirement plan should address:
- Retirement income
- Investment management
- Tax considerations
- Healthcare planning
- Medicare
- Estate and legacy planning
- Risk management
- Inflation
- Cash reserves
Each of these pieces works together to help support your financial future.
Why Questions Matter More Than Products
Many people expect a financial advisor to begin by talking about investments or financial products.
We believe the conversation should begin with you.
Your goals.
Your concerns.
Your family.
Your retirement dreams.
By asking thoughtful questions first, we can better understand what matters most before discussing possible strategies.
That approach helps create recommendations that are personalized instead of one-size-fits-all.
Why Families Throughout Central Pennsylvania Choose Venn Financial Solutions
Individuals and families throughout DuBois, Altoona, Clearfield, Brookville, Punxsutawney, St. Marys, Ridgway, Clarion, Philipsburg, State College, and surrounding communities trust Venn Financial Solutions because we focus on education, long-term relationships, and personalized guidance.
Our planning process commonly includes:
- Retirement Income Planning
- Investment Management
- Medicare Planning
- Social Security Planning
- Roth Conversion Strategies
- IRMAA Planning
- Legacy & Estate Planning Coordination
- Risk Management
- Ongoing Financial Reviews
As an independent fiduciary firm, our goal is to help clients make informed financial decisions that align with their personal objectives.
Ready for a Review?
Whether you’re retiring next year or have already been retired for several years, asking the right questions today can help you make more informed decisions for tomorrow.
If you’d like a second opinion on your retirement plan, we’d be happy to sit down, listen to your goals, and help you evaluate your current strategy.
Contact Venn Financial Solutions today to schedule your complimentary retirement consultation.
Together, we’ll focus on what matters most: helping you retire with greater clarity, confidence, and peace of mind.
Frequently Asked Questions
When should I start retirement planning?
Ideally, several years before retirement. However, it’s never too late to review your strategy and make adjustments.
What is IRMAA?
IRMAA (Income-Related Monthly Adjustment Amount) is an additional Medicare premium that higher-income retirees may pay. Proper planning may help reduce unexpected premium increases.
Should I move my old 401(k) after I retire?
The answer depends on your goals, investment options, fees, and overall retirement plan. Every situation is unique.
How often should I review my retirement plan?
Most retirees benefit from reviewing their financial plan at least annually or whenever there is a significant life event such as retirement, widowhood, inheritance, or major tax law changes.
Joe Zappia, CRPC® & Team – Venn Financial Solutions
(814) 371-4901 or 1-800-569-2867
