Search
Filter by type
January 14, 2022 | Retirement
Retirement is a big change, for lifestyle and finances. We all dream of where we’ll retire to, what vacations we’ll take, but have you really thought about what your life will be like?
It is often met with a busier lifestyle, especially during your first years of retirement, than the relaxing ones we anticipate. After years of experience working with individuals to financially prepare for retirement, we’ve identified four phases of retirement, each with their own nuances and challenges.
Stay on track by using this blog as a guide so you can enjoy the most of your post-working years. Keep in mind that as you proceed through retirement, your lifestyle, personal goals, and objectives will change and, likewise, your financial plan will need to change, too.
Whether you call it the ‘go-go-go’ or the ‘sandwich’ years, your final working years can play a massive role in setting up your future. This is the time to begin seriously planning for your life in retirement. Here are a few tips to keep in mind as you navigate this stage and prepare for your life of freedom:
To summarize, planning and preparation is key in achieving the retirement life you’ve dreamed of.
Prosper is an award-winning magazine designed to give you the knowledge you need to keep your financial plan on track.
Get your copyYou now have time to enjoy all the fruits of your hard work and are looking to celebrate. Some of you will see big changes in your spending patterns, while others may continue spending as you enjoy increased travel and leisure activities. Even if you choose to celebrate, continue to focus on your financial plan and become acclimated with your budget (i.e., ongoing withdrawals).
There might be some trial and error during this stage. Be honest with yourself on spending habits – and always reevaluate how you’re withdrawing to ensure you’re maximizing benefits.
At this point, you are probably more willing to slow down and enjoy the little things in life. You may be spending less on travel and other luxuries, and in general, you are likely focusing on simpler living and refining your routine. Perhaps this is the perfect time to seriously pursue intellectual discovery or decide what you want to leave as a legacy. Whichever path you choose, here are a few things to consider.
To summarize this phase in one word it would be, comfort. Ensure you’re living a comfortable life and consider your wishes and legacy.
In this stage, you may at some point begin battling the physical and mental challenges of old age. It is difficult to predict the future, and it is wise to plan for contingencies, like emergency healthcare costs. These are not easy tasks, but they can help minimize the fears surrounding old age.
In the last planning phase, remember to celebrate all you’ve accomplished in life.
Regardless of your retirement stage, keep these final insights top of mind:
We only get one shot at retirement. It is essential to have a comprehensive financial plan that addresses your spending, insurance, tax, and estate planning needs. Once created, it is equally important to be hands on with keeping your plan up to date.
Take full advantage of experts and collaborate with a financial consultant to adjust for changes in your life and use an active investment manager that adapts your investments to changing market conditions. This will ensure your investment decisions and planning process are designed to guide you through the retirement years enjoyably and with peace of mind.
Learn more about the services we offer, subscribe to our Financial Planning blog, or feel free to schedule a call with a representitive today.
The information in this article is not intended as legal or tax advice. Consult with an attorney or a tax or financial advisor regarding your specific legal, tax, estate planning, or financial situation.
Helping you learn more about a variety of family wealth management topics
© Manning & Napier | Privacy Policy | California Consumer Privacy Act | Terms of Use | Business Continuity | Whistleblower Policy | Form CRS
Loading...