As you enjoy this new chapter of your life, make sure that your money keeps doing what it’s supposed to do. Your retirement plan should be as unique as you are.
When you think about retirement, what comes to mind? Your priorities and preferences will evolve over time. When you are considering your options and objectives, remember that your retirement could last 20, 25 or even 30 years.
To bring your vision to life, think of it as a long-term project. Remember to consider the impact retirement will have on the various aspects and people in your life and consider the full spectrum of your future needs – from financial and practical, to emotional and social.
It is always a good idea to take stock of your savings and investments. Crafting a budget for the distinct phases of your retirement is also invaluable. Going through these exercises will help you evaluate your present circumstances and determine your next steps. Meet with your wealth advisor to seek guidance to ensure that you have a robust plan to reach your retirement goals.
What is your vision of home? How do you anticipate that vision evolving during your retirement? How will you be spending your time? Other questions to ask include those related to your health and how you will deal with issues as they arise.
Equally important to how you are spending your time is who you are going to spend it with. Having meaningful social connections is integral to your long-term mental, emotional and physical health. Give some thought to your existing social circle and how it may evolve over the years to come.
Succession and estate planning are a natural extension of preparing for retirement and will inform some of the decisions you make. Having up-to-date Wills and powers of attorney will not only give you peace of mind but will also ensure that your family members know – and can follow – your wishes.
The best way to begin your retirement plan is to talk about it. Communication with everyone involved is key to ensuring that you reach your objectives. This is also a good time to initiate conversations with your circle of trusted advisors.
Connect with me today to get started on your pre-retirement planning journey so we can bring your retirement vision to life as you make the most of this next chapter.