How To Retire?
You have been saving for retirement. Now what?
Major question: How do you make those savings turn into an income stream for all the years of your retirement?
You face many unknowns besides your own health and longevity; such as, changes in interest rates, rates of return, sequence of returns, inflation, taxes, and volatility.
We can’t know the specific answers, but we can understand historical patterns and your personality. These give us a start.
We construct a Wealthy Choices® financial plan to be flexible, adapting to changes, but also to have a baseline, some elements that we feel sure about from a historical point of view.
Near retirement? If you are near retirement –six months to five years—the process of preparing for retirement includes:
You saved whatever you could for retirement. Now what?
Here are the seven steps to take to prepare for retirement:
- Acknowledge the fear: your future is full of unknowns. What’s going to last longer your money, your health, you yourself?
- Design your free time. Think about how you will use your time, when every day is a day off.
- Gather a list of all your assets, including retirement plans you may have left at former jobs.
- Learn the best Social Security strategy for your situation
- Understand the health insurance choices being offered to you as a retiree.
- Structure your assets for income, growth and emergencies
- Leave a legacy, not a mess. Have the right beneficiaries listed on IRA’s, 401k’s and life insurance. Have the appropriate legal documents drawn up.
There are a lot of small pieces in this jigsaw puzzle, but you can do it by yourself, or you can get help from me or someone else. I can make it easy and efficient by walking you through each step.
Click Here to Contact Me for a Free Initial Consultation with No Obligation.