Many people dream about retirement for years, but when they finally reach that goal, they find themselves feeling underwhelmed. Boredom, loneliness, or financial instability can make for a rocky transition into retirement. If you’ve set a date and you’re looking forward to retirement in the next few years, consider these steps to make your transition a smooth one.
Retire slowly. Rather than setting a date, and abruptly leaping from full employment to absolute retirement, why not transition to this new phase of life more gradually? Try taking longer vacations in the years leading up to retirement or reducing your hours to part-time employment for some time.
Determine a budget. You already know that you will need to cover regular monthly expenses with forms of income other than your paychecks. But make sure to budget for expenses that occur irregularly, such as home repairs, car maintenance, gift giving, and emergencies. Make sure your expected budget is covered by the streams of income you have established.
Examine your risk profile. You might have focused on growth until recently, but now you hope that your retirement savings will last for two decades or more. At this time, many retirees shift into a lower-risk, lower-yield strategy so that their future income becomes more dependable.
Plan your free time. Most of us look forward to retirement, due to the newfound freedom in our schedules. Ironically, many retirees find that shift to be a tad distressing. With long, unscheduled days, you might feel a bit lonely or miss the feeling of productivity. So, make sure you’ve planned for hobbies, volunteering, or spending time with friends and family.
Consolidate your accounts. You’ll enjoy retirement more, and possibly save on account fees, when you consolidate your financial accounts so that you have less to manage and fewer fees to pay.
Set a goal. For many years, your life has revolved around career goals. To prevent boredom, set a few goals for your retirement years, too.
Consult with your financial professional. Making big decisions with regard to money, lifestyle, and employment carry quite a bit of risk. The last thing you want is to retire and then regret any of the decisions you made along the way. Make sure to consult with your financial Professional in the years leading up to retirement, so that you can troubleshoot your retirement income plan and create a strategy to transition into retirement smoothly.
Securities offered through CreativeOne Securities, LLC Member FINRA/SIPC. Retirement Advisers and CreativeOne Securities, LLC are not affiliated.
Licensed to sell insurance in the following States: MA, RI, CT, and ME.
Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 20562 - 2020/11/4
Investing involves risk, including the loss of principal. No Investment strategy can guarantee a profit or protect against loss in a period of declining values. Any references to protection benefits or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity products are backed by the financial strength and claims-paying ability of the issuing insurance company.
Securities offered through CreativeOne Securities, LLC Member FINRA/SIPC. Retirement Advisers and CreativeOne Securities, LLC are not affiliated.
Licensed to sell insurance in the following States: MA, RI, CT, and ME.
Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 20562 - 2020/11/4
Investing involves risk, including the loss of principal. No Investment strategy can guarantee a profit or protect against loss in a period of declining values. Any references to protection benefits or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity products are backed by the financial strength and claims-paying ability of the issuing insurance company.