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It's an unusual time for people approaching retirement. While everyone wants to know if they are financially ready to retire, rising inflation and a slumping stock market may be fueling doubts. Some - especially those without a solid financial plan - may wonder if they need to keep working longer until there is more financial and geopolitical stability.
SEE MORE 8 Money Tips for Seniors Suffering from Inflation
I've worked with many individuals and couples who needed help to feel financially secure in retirement. Many have taken an initial stab at planning, taking online financial "quizzes" and running numbers through calculators to find answers.
For anyone is this position, here is a list of recommendations to begin the retirement planning process.
Understand Your Financial Position
Start by answering a few questions; the answers will help serve as the foundation of any plan. The questions include:
What assets do you own that can be used to fund retirement?How much do you plan to spend each month in today's dollars?
What kind of lifestyle do you want in retirement?
How long will your finances sustain you?
Do you want to leave money for your children and grandchildren?
With this information, a financial adviser can develop a comprehensive financial plan. To ensure that a person doesn't run out of money in retirement, the plan is built for each person's life expectancy. Life expectancy is often higher than what people might think - according to the Social Security Administration, there's a 30% chance that men will live to age 92 and women to age 94. Families need to ensure that their portfolios can sustain living 20-30 years after retirement.
Should
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Stock futures trade lower on recession concerns Fox BusinessDow recovers from 700 point drop as investors look for signs of recession CNNS&P 500 Sinks Along with Oil Prices as Recession Anxiety Reaches Fever Pitch DailyFXWhy Are Stocks Down Today? InvestorPlaceStock market 'stinks right now' as recession fears loom, strategist says Yahoo FinanceView Full Coverage on Google News
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 Shares of DoorDash Inc. and Uber Technologies Inc. are falling in premarket trading Wednesday after Amazon.com Inc. struck a partnership with Grubhub, a unit of Just Eat Takeaway.com NV . Through the arrangement, Amazon will make Grubhub a benefit to Prime members and offer members the chance to get delivery fees waived from certain restaurants, according to The Wall Street Journal. Additionally, Amazon has an opportunity to take an initial 2% stake in Grubhub, and it could boost that stake to 15% if it hits targets around user acquisition. Just Eat shares are up more than 19% in Wednesday trading in the Netherlands, while shares of U.S.-based food delivery companies are falling premarket. Shares of DoorDash are down more than 7% and shares of Uber, which operates the Uber Eats delivery service, are off more than 3%. Just Eat still intends to look into a potential full or partial sale of Grubhub, per the Wall Street Journal report.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Techs Lead Rally As Markets See End To Fed Rate Hikes Investor's Business DailyDow recovers from 700 point drop as investors look for signs of recession CNNS&P 500 Sinks Along with Oil Prices as Recession Anxiety Reaches Fever Pitch DailyFXWhy Are Stocks Down Today? InvestorPlaceDow Falls 700 Points With Global Recession Fears 'Front And Center' Forbes Breaking News
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Ford's U.S. Sales Increase 32% in June, Outpacing Broader Industry The Wall Street JournalFord reports slight uptick in quarterly sales that misses analysts' expectations CNBCSeveral Questions Surround This Automaker - Action Alerts PLUS TheStreetFord U.S. sales jump in June to buck industry declines, but stock falls toward 17-month low MarketWatchFord reports U.S. sales up 31.5% from a year ago in June CNBC TelevisionView Full Coverage on
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Oil prices bounce back from Tuesday tumble as supply concerns return Reuters.comOil tumbles as much as 10%, breaks below $100 as recession fears mount CNBCOil Prices Pulled Lower by Dimming Demand The Wall Street JournalWhat's the Next Move for Crude Oil? RealMoneyWhy These 3 Oil Dividend Stocks Tumbled More Than 15% in June The Motley FoolView Full Coverage on Google News
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