5 Tips to Help Create a Successful Retirement

You may think of retirement as a time that brings freedom from many responsibilities. Retirement, however, creates a set of its own responsibilities. Below are five such responsibilities and tips for managing them.

Budget. How much income will you obtain from Social Security, pensions, and other retirement savings? How much money will you spend? Ensure that the numbers are equal and revisit the budget frequently.

Allocate your assets. You probably shifted your investment portfolio more 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. Ideally, you will have a will, a power of attorney and a health care proxy, and you will keep beneficiaries on your financial accounts and insurance policies current. Be sure to discuss your estate plans with your family members so they understand your wishes and their responsibilities.

Develop a nonfinancial plan. With so much talk about financial planning, it is easy to forget that a happy retirement is about much more. It is important, both mentally and physically, for retirees to stay active and engaged. If you do not yet know how you want to spend your time in retirement, it is easy to become depressed, so make a plan.

Get advice. As a retiree on a limited budget, getting advice is important. This can help you maintain a steady income stream throughout retirement, lead to significant tax savings and ensure an efficient transfer of assets upon your death.

Creating a successful retirement can be challenging on many fronts, and you may benefit from advice. I am always here to help. Call or email me, and we can determine what is right for you and your goals and circumstances.