You made it. The dream of retirement is happening right now.
Is it what you expected? Are you excited? Terrified? Somewhere in-between?
Whether you’ve prepared for this day for 40+ years or haven’t really given it a thought until now, there’s much you can do to make your retirement be the best it can be.
I’m Jeff Rose, a CERTIFIED FINANCIAL PLANNER™ professional, and I have years of experience helping retirees just like you navigate the complexities of their newfound freedom.
Yes, as the adage goes, with freedom comes responsibility. And retirees have a lot of responsibility to ensure they reach their goals. Some of your goals might include:
- Ensuring multiple income streams to last you through retirement
- Leaving an inheritance to your children and grandchildren
- Setting up the right long-term care insurance for you and your spouse
I can help you with all of these goals and more.
Are you ready? Let’s get started.
Make a Retirement Planning Checklist
Lists help me get stuff done, and they can help you, too.
I recommend you start a retirement planning checklist. It doesn’t have to be complicated, just a simple list you keep on your refrigerator or desk to remind you of your goals.
If you’re married, work with your spouse to focus on the right retirement planning goals as a couple. You might have some very different ideas than your spouse, and the only way to find out is to talk about it!
Here’s an article that will bring to mind some excellent retirement tasks:
Make an Estate Planning Checklist
If you’re going to leave an inheritance to your children and grandchildren, the best way to start is by making an estate planning checklist.
On it, you’ll include tasks such as taking out a will, reviewing your beneficiaries, calculating your net worth, finding the right executor, and determining other professionals who can help you.
To learn more about what you’ll need to do to have an estate plan, take a look at this article:
Plan for and Start Medicare
Are you ready to start Medicare? There are different plans to choose from, and it’s important to learn the basics now.
The thing is, Medicare is a different type of health insurance plan than you may have been used to in the past. You need to learn how to cover yourself.
This article can help you navigate Medicare and know what to do:
Maximize Your Social Security
You’ve poured money into Social Security during your working years, now you’re on the cusp of enjoying the benefits.
Did you know you can maximize your Social Security payments? Not many people do.
It all has to do with when you decide to take your benefits and the research you put into it.
Interested? Read this article to help you get the most out of Social Security:
Consolidate Your 401(k) – and Other Accounts – the Right Way
If you have multiple retirement accounts all over the place, you may want to consolidate those accounts.
But how do you go about it the right way? Now that you’re retiring, I highly recommend you pay attention to your options here.
Managing multiple accounts can be cumbersome; worse, it can result in a situation where you don’t see the big picture of your retirement portfolio.
One way to consolidate your 401(k) accounts and other accounts is to use the “Super IRA” strategy that leads to reduced fees and more buying power:
Review Your Beneficiaries
Did you know that beneficiaries of accounts override language in a will? A lot of people don’t.
Imagine writing a will, not knowing (or overlooking) who you wrote as the beneficiary on your financial accounts, and having your will trumped by a beneficiary decision you made years ago.
Time changes things, and you might not like who you find as the beneficiary on your financial accounts: did someone say ex-wife? You get the idea.
Do these nightmares happen? Yes, they do. Check out one such story here:
Many people remember to check their bank accounts to ensure they have listed the correct beneficiary, but they many times don’t remember to check their individual retirement accounts or life insurance policies.
It’s a great idea to brainstorm a list of accounts where you can designate beneficiaries. Take time to do this – the last thing you want to do is rush through it.
Make sure to add this to your retirement planning checklist!
Make Sure You Can Actually Retire
There are a lot of factors that go into determining if it’s safe for you to retire. Before you actually make the leap of retirement, ensure that you have several pieces of the retirement puzzle in place.
Here are a few of the key factors that will make it more likely that you can have a good retirement:
- You have a good amount of savings
- You have no debt
- You are smart with your spending
- You have additional income sources
- You have other assets outside of your 401(k)
- You put together a plan
Here’s an article that goes over these factors in more detail – even if you’re not retiring early it will be helpful:
When I meet with those looking to retire, we go through a comprehensive process to determine if it’s possible.
Please do me – and yourself – a favor: don’t retire until you have a high degree of certainty you can.
Life expectancy is going up, and you’re likely going to be retired for a very long time. During this time, you’re going to need enough money to last you through your years – and there are many factors like inflation and reverse dollar-cost averaging that can affect your portfolio.
If you’re not sure that you can retire and have enough money to last the rest of your life, I’m happy to help you crunch the numbers. Contact me to learn more about what I can do for you.
If you thoroughly went through all the above topics, and you’ve determined it’s time to retire, congratulations!
Retirement is exciting, and a whole new chapter in your life.
But the truth is that while your day job might come to a close, a new type of work begins: managing wealth. And that isn’t always easy. I can help you with this, too. I can help you navigate retirement with confidence.
Oh, and by the way, retirement doesn’t necessarily mean you shouldn’t get up every day and go to work. Find work that excites you, brings out your creativity, helps people, and brings joy into your life.
There’s also a tremendous opportunity to discover new hobbies. Some hobbies are more expensive than others, so it’s important to start a retirement budget to ensure you live within your means.
Thanks for taking the time to learn more about retirement. If you have any questions whatsoever, I’ll be around to answer your questions – contact me anytime.