Retirement brings freedom from many responsibilities but creates others. You may want to consider these five responsibilities as you approach retirement.
Create a budget. How much income will you obtain from Social Security, pensions and other retirement savings? How much money will you spend? Ensure that your income is greater than what you spend (or the numbers are equal).
Allocate your assets. Do you have the right amount of risk in your portfolio? You probably shifted your investment portfolio toward income as you approached retirement, and you will probably want to do so even more once you retire.
Do some estate planning. Estate planning is not just for the wealthy; it simply refers to getting your estate in order for transition whenever it should happen. You will likely need a will, a power of attorney and a health care proxy, and you should keep beneficiary information on your financial accounts and insurance policies current.
Develop a nonfinancial plan. A happy retirement is about more than finances. If you don’t know how you want to spend your time in retirement, it is easy to become depressed. Think about how you will stay mentally and physically active and engaged.
Get advice. As a retiree on a limited budget, getting financial advice is important. It can result in significant tax savings and accurate transition documents, such as wills and powers of attorney.
Would you like to learn more about planning for retirement? Please call or email me to review your current situation and determine the appropriate path forward.