Recent government and economic changes have many people considering early retirement at a time that is financially fraught. An unknown future is a scary place to be, but it’s manageable with guidance. If you’re on the cusp of hanging up your professional hat forever – at least in the field you’re in now – consider the following retirement planning to keep you feeling financially safe in the future.
Spending: What, Where, When
There are major life costs that will eat into your retirement. Ideally, your savings are earmarked for college tuition, personal medical expenses, or long-term care for a spouse or parent. Discuss every retirement possibility with your financial expert and determine the best way to save so when you need to spend, penalties will be minimal or nonexistent – and the money will be there.
Prioritize Leisure, If That’s Your Thing
If your goal is to travel wide and roam free after retiring, make this clear to your financial expert. Post-career planning isn’t only about paying bills forever. If a retiree’s priority is to enjoy life, decide when that’s going to happen, what you want to do, and how you’re going to pay for it. You know what makes you happy. Now, can you afford it in retirement?
Figure Out How to Bulk Up Savings
Maximizing savings is always a good idea, no matter how close you are to retirement. It never hurts to put money toward retirement goals using different methods. Talk to your financial planner about the options that make sense for your nest egg, income, existing savings, and retirement plans. From low- to high-risk options, there is always something that makes sense for you and your comfort level.
Be Honest with Yourself About Finances
There are essential and optional expenses, but if retirement is front of mind when you consider your finances and you prioritize retirement savings, you are likely to find yourself in a healthy place when your last day of work comes around. Having a financial planning expert to keep you in check and ask the hard questions is a smart way to keep yourself on track.
Retire in a Good Financial Place
Whether you have retirement planning in place or not, meet with a financial expert to pinpoint your financial moves and make the most of your retirement years so you can enjoy them while you’re vibrant and healthy.
Life is unpredictable and you can’t plan for everything, but you can enjoy the fruits of your efforts. Rely on the financial pros at Hollander Lone Maxbauer in Southfield, MI. Contact us to schedule a consultation.
