Ready for Retirement

Thumbnail

Are you ready for retirement?

Here’s a thought: retirement doesn’t mean the end. It doesn’t mean an end of self-importance or purpose, it just means a new chapter—a paradigm shift of what life is beyond long days and meetings and bosses. Unless you own your own business, and even then, you are not your business. You’re not solely defined by the question, “What do you do?” But, it doesn’t mean you should stop defining the answer for such an inquiry in your retirement era.

A quarter of retirees actually think life in retirement is worse than it was before they retired. Don’t be one of those people. Let your golden years shine when you set out a vision of what you want life in retirement to be.

Healthy finances. Because you won’t be working full time in retirement, you won’t have that steady paycheck to count on for income. The state of finances plays a critical part in the decision of when to retire. In fact, in a study conducted by Robert Wood Johnson Foundation and the Harvard School of Public Health, 51% of people who say they will never fully enter into retirement, say they are inhibited from full retirement due to finances.1

Having a healthy portfolio and steady finances are something you’ll want to have set-up well in advance of your retirement party to maintain and grow throughout the rest of your life. However, it’s never too late to set your finances straight by re-evaluating your portfolio, investment strategy, and monthly budget. Set up a strategy session with Living Legacy Financial Services and then maintain regular correspondence so there are no financial surprises that could negatively impact your life in retirement. Focus on figuring how much you can realistically spend out of monthly income given Social Security, pension, 401(k), and other accounts. Work with your advisor to determine which accounts you’ll dip into first to avoid tax penalties from drawing from too many sources.

Thumbnail
Sources: 
1 https://www.cnbc.com/2016/09/12/heres-how-much-the-average-american-family-has-saved-for-retirement.html
2 https://www.epi.org/publication/retirement-in-america/#charts