Are you approaching your expected retirement date? Or, have you just recently celebrated this milestone? Congratulations! Your years of careful planning have paid off, and we hope you will live (or are already living) the retirement of your dreams.
However, we do want to remind you that financial planning never really ends. It just changes as your needs and priorities change. Since prevention is almost always easier than any “cure”, we urge you to take the following steps to keep your funds safer, and to help you enjoy your retirement even more.
Secure your income. “Playing the market” is exciting for some people, but most retirees change over to a more stable and conservative investment strategy. We have ways of generating automatic income through fixed insurance options, so that you can focus on having fun and staying healthy without having to worry overly much about losses.
Streamline your financial life. Everything will be much easier to manage (and you can probably prevent mistakes) if you keep only one checking account and reduce your number of credit cards. Less to manage means a lower-stress lifestyle.
Set up the appropriate legal protections. What would happen to your finances and other important matters, if you became suddenly incapacitated? Establish a power of attorney before a problem ever arises, and this trusted person can step in to manage things for you. Living trusts are another great option for some people, since they allow immediate transfer of assets under certain, predetermined conditions.
Exercise! We know that regular physical activity is linked to improved cognitive functioning, as well as better health. So, continuing your regular exercise routine (or starting a new one, if a doctor says it’s safe) can help you in numerous ways. You might spend less on healthcare expenses, and keep yourself sharp as a tack, too.
Continue regular “check ups”. You wouldn’t ignore medical check-ups with your doctor, so remember to take care of your financial health, too! Continue to meet regularly with us throughout retirement, so we can help you anticipate changes and make the needed adjustments to your long-term plan.