Our lives have many phases, and so does our retirement. And like our lives, we acquire wisdom and discipline along the way as our perspective changes.
One Financial Services knows that with our ever-increasing lifespans, retirement can span decades. Each of those decades will likely usher in a different phase of retirement. Planning for those phases can be the key to a secure, comfortable end of the journey.
While you should be saving for retirement starting the first day you have a job, we’re talking about starting your serious pre-planning once you enter your 50’s.
Your plan should include income strategies for when you enter retirement. You’ll no longer be receiving a paycheck, so you’ll need to replace that income in other ways. It can be stressful to make those decisions on your own. Your One Financial Services team can help you review and manage your options.
Beginning of Retirement
There’s a celebratory feeling to those early years. Your old enough to know what you want and still young enough to enjoy it. All that travel, all those hobbies you promised you’d try can now be a reality. But they can eat up a good size portion of your savings.
About 40% of retirees move after they stop working. The nest is empty and it’s time to downsize…why clean a big house when you can travel or play golf. There may be other reasons to move such as being closer to family or enjoying a warmer climate. It’s important to have worked those dreams and goals into your retirement plan.
The Middle Years
A decade or so into retirement, things may slow down. Climbing Machu Pichu may not be nearly as inviting as staying home with the grandchildren. Health care costs may increase as you need more medical attention including possibly special equipment, deductibles that aren’t covered, or even adaptations to your home.
You’ll also want to make sure that your estate plan is current. Your will should be updated to reflect your wishes for the distribution of your assets along with any changes that have occurred in the family such as births, deaths, marriages, or divorces.
Estate planning is also an important step in the middle years of retirement. If you created a will when your children were younger, you’ll want to revisit it to make sure it still reflects your wishes. It’s likely that your family dynamics have changed, with births, deaths, marriages or divorces. Once you hit middle retirement, keeping your estate plan up to date becomes more important than ever.
The Home Stretch
The majority of costs that can occur in these later years are healthcare related and hard to predict. Carrying the best Medicare Supplement Plan you can afford in addition to long-term care insurance, can help to protect your assets.
Each phase of retirement may be different, but one central tenant remains: A successful retirement depends on a solid financial plan that begins early and is adjusted often.
Your One Financial Services advisor will offer information and options to help ensure your golden years will shine brightly.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.