After years of working hard, providing for your family and giving your children a good start in life, you’re probably looking forward to enjoying a comfortable and carefree retirement. However, with the rising cost of living and Hawaii’s life expectancy now at age 81, you will probably need more than what a Social Security or pension check can provide. In order to live the retirement lifestyle they always dreamed they would have, many people find it prudent to establish a solid financial plan.
First, begin by asking yourself:
- What do I want to do during retirement?
- When do I want to retire?
- How much can I expect in Social Security or pension income?
- Will I still have a mortgage, or will my home be fully paid?
- What will I have in monthly expenses?
- Will I need to pay for health insurance or will I qualify for Medicare?
- Do I have savings accounts that I can draw upon if necessary?
- How long will my savings last if I need to make withdrawals?
- Will my spouse be provided for if I am no longer here?
- What do I want to leave as a legacy to my children?
Second, you’ll want to meet with an experienced professional to develop or review your retirement plan. First Hawaiian Bank’s Wealth Advisors can help you create a reliable retirement income, grow your long-term assets, plan for taxes and protect you and your family from unexpected events.
To take your first step toward retirement, or to assess your current retirement plan, call (808) 525-5159 or toll free at (877) 643-4344 or visit the First Hawaiian Bank branch nearest you and ask to speak with one of our Wealth Advisors.