Retirement is a process, not an event. There needs to be planning, preparation, adjustments and monitoring. Aside from the financial aspect, there is also a mental preparation that needs to happen, and most individuals do not plan for this part.

Ultimately, the goal is to retire TO something, not FROM something. What am I going to do in retirement… what gets me out of bed in the morning? Is my spouse also retiring or will it just be me?

Location is something to think about, as well. Where are your kids and grandkids located? Maybe you do not have kids and you would like to do lots of traveling. Sometimes, both are the case!  How is the health of your parents and in-laws… will they need assistance?

Living nearby to them may be necessary for a period of time, depending on their own financial situation and needs. In addition, there are added tax benefits where you reside in certain states, as well.

Income plays a big role in retirement. Understanding your cash flow, both incoming and outgoing, is a crucial piece to planning. Have you paid down all of your debt? What are the different types of income you will receive – pensions, social security, retirement account savings, rental income, consulting income? What about charitable giving?

While there are tax advantages, sometimes individuals cannot give as much as they may have been giving once they retire. Are your kids still in college with expenses you need to fulfill? Maybe it would be more beneficial to push off that retirement date until after they graduate.

Lots to think about, right? If retirement is on your horizon, let us ask some questions and help you with the answers! You can get in touch by calling 1 (800) 936-3785 or by emailing [email protected].