KEITH MUTH: Metro Business asked certified financial planner Keith Muth, chief investment officer at Virginia Asset Management, a financial-services firm in Chesterfield County, about the steps necessary to determine if someone can retire:
"In the years prior to retirement, develop a plan which addresses some key areas:
"First, understand your income sources. Determine what Social Security benefits you are entitled to receive. Research pension benefits that may be available.
"Second, understand your spending needs. Start with your current spending to get a realistic picture of what you spend.
"Assess spending needs after retirement. Question if certain expenses will increase or decrease after retirement.
"Next, review your savings and investments. Balance your portfolio to support withdrawal needs during retirement.
"Finally, don't forget taxes on retirement income during retirement. Most IRA and 401(k) withdrawals are taxable."
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