What Steps Should I Take When I Get Close to Retiring?
Before making what will likely be the most important financial decision of your life, you should know what your desired retirement lifestyle looks like in a very detailed way. This understanding should include what you will do with your time that is meaningful (volunteer, spend more time with family, travel, etc.), as well as the typical financial considerations. As a part of ensuring that you are entering retirement with enough financial security to last your lifetime and provide for the legacy goals you have, you may wish to seek out an adviser who can offer unbiased advice and take you through a detailed financial planning process (remember financial planning must include much more than just investment management). Some retirees may rely on rules of thumb or very basic calculations to help them with the decision to retire, but for such an important decision you should prepare (or work with an adviser who can prepare) a more sophisticated analysis. This work should illustrate your financial future in light of varying economic conditions, rate of return scenarios and longevity assumptions. Regardless of whether you are a “do it yourselfer” or work with an adviser, objectively evaluating your financial situation in relation to your goals can help give you the confidence to retire when and how you want.
At Payne Wealth Partners our ultimate goal is to help each client live their best life and leave a powerful legacy, no matter what that may be. We know each family has their own unique set of challenges, dreams, and story, which we enjoy deeply understanding. We hope this simple question and answer blog post provides value to you and your family. It is our passion to answer important questions like these and we encourage you to feel free to ask us any questions you may have in the future.
Posted: July 22, 2014
Authored by: N. Perry Moore, CBEC™, CFP®, ChFC®
Direct Phone: 812-602-6306
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