Questions to ask yourself as you near retirement

Laura Evans

Updated: Feb 6, 2008, 10:00 AM

Published: Jan 22, 2008, 11:30 PM

Whenever you see people enjoying a comfortable retirement - traveling, volunteering, pursuing hobbies, taking up a new career - you can be pretty sure it all didn’t happen by accident. In fact, success at retirement is similar to success in just about any endeavor - you have to plan for it.

Of course, your planning could take many different forms. But, as you get close to retirement, you might find it easier to organize your efforts if you ask yourself these five key questions:

Where am I today? Shortly before you retire, make a detailed list of your financial assets, such as your bank accounts, investments, IRA, 401(k), etc. You may want to consider consolidating as many of these accounts as you can with just one company. This consolidation will help you get a clearer picture of your overall situation, and it may even help you reduce maintenance fees and make it easier to calculate required minimum distributions (RMDs) you might have to take once you reach 70-1/2. On the "flip side," you’ll want to list out all your obligations - mortgages, home equity credit lines, car loans and other debts.

How much will I need to enjoy the retirement lifestyle I’ve envisioned? You’ll probably need between 80 percent and 100 percent of your pre-retirement income to maintain your standard of living in retirement. But this is a general rule; your actual needs will depend on what you want to do during retirement. So, if you want to travel extensively, you might need more income than if you chose to stay close to home, volunteering and pursuing hobbies. In any case, try to estimate your annual expenses during retirement, knowing that your plans may change later.

How much can I withdraw each year? Your investment portfolio is likely to account for a good percentage of your retirement income. Consequently, you’ll want to work with your financial advisor to determine how much you can take out each year without running out of money. The percentage you withdraw each year will depend on several factors, including your portfolio’s rate of return, the age at which you start taking Social Security and the size of the distributions from your 401(k) or other employer-sponsored retirement plan.

What portfolio and lifestyle adjustments do I need to make? Once you’ve determined how much you can realistically withdraw each year, you may need to rebalance your investments to get the right proportion of equities and fixed income. You also might need to look beyond your portfolio to see what lifestyle changes you may need to make. For example, you may decide that you wouldn’t mind working for an additional year or so to take some of the pressure off your investments as an income source.

How can I stay on course? Over time, your goals, health or income needs may change, so you might have to update your withdrawal and investment strategies. At this stage of your life, you’ll want to review your situation with your financial advisor at least once a year.

By asking yourself these questions - and then answering them - you can go a long way toward enjoying the retirement you deserve.

Record April boosts Savannah's container trade at port

The Port of Savannah moved 356,700 20-foot equivalent container units in April, an increase of 7.1 percent. - photo by Provided

GardenCityTerminal — The Port of Savannah moved 356,700 20-foot equivalent container units in April, an increase of 7.1 percent. - photo by Provided

Bryan County News

Updated: May 23, 2018, 1:59 AM

Published: May 23, 2018, 2:00 AM

The Georgia Ports Authority's busiest April ever pushed its fiscal year-to-date totals to more than 3.4 million 20-foot equivalent container units (TEUs), an increase of 8.8 percent, or 280,000 TEUs, compared to the first 10 months of fiscal 2017.

"We're on track to move more than 300,000 TEUs in every month of the fiscal year, which will be a first for the authority," said GPA Executive Director Griff Lynch. "We're also anticipating this to be the first fiscal year for the Port of Savannah to handle more than 4 million TEUs."

April volumes reached 356,700 20-foot equivalent container units, up 7.1 percent or 23,700 units. As the fastest growing containerport in the nation, the Port of Savannah has achieved a compound annual growth rate of more than 5 percent a year over the past decade.

"As reported in the recent economic impact study by UGA's Terry College of Business, trade through Georgia's deepwater ports translates into jobs, higher incomes and greater productivity," said GPA Board Chairman Jimmy Allgood. "In every region of Georgia, employers rely on the ports of Savannah and Brunswick to help them become more competitive on the global stage."

To strengthen the Port of Savannah's ability to support the state's future economic growth, the GPA Board approved $66 million in terminal upgrades, including $24 million for the purchase of 10 additional rubber-tired gantry cranes.

"The authority is committed to building additional capacity ahead of demand to ensure the Port of Savannah remains a trusted link in the supply chain serving Georgia and the Southeast," Lynch said.

The crane purchase will bring the fleet at Garden City Terminal to 156 RTGs. The new cranes will support three new container rows, which the board approved in March. The additional container rows will increase annual capacity at the Port of Savannah by 150,000 TEUs.

The RTGs will work over stacks that are five containers high and six deep, with a truck lane running alongside the stacks. Capable of running on electricity, the cranes will have a lift capacity of 50 metric tons.

The cranes will arrive in two batches of five in the first and second quarters of calendar year 2019.

Also at Monday's meeting, the GPA Board elected its officers, with Jimmy Allgood as chairman, Will McKnight taking the position of vice chairman and Joel Wooten elected as the next secretary/treasurer.

For more information, visit gaports.com, or contact GPA Senior Director of Corporate Communications Robert Morris at (912) 964-3855 or rmorris@gaports.com.

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