Enjoy Retirement

You’ve worked hard all your life to get to this point, but preparing not to work can be a lot of work! It can be hard living on a relatively fixed income in a fluctuating market. Financial experts say you’ll probably need somewhere between 70-80% of your pre-retirement annual income to live comfortably in retirement. Being prepared for this is the best way to make sure you get to enjoy retirement instead of worrying about it.

A while before you retire you should map out a game plan. Do you know where you’ll live? Do you want to travel or stay put? If you stay put what will you do with your time? Will you volunteer for your favorite charity organization or hang out with your grandkids?

When you get closer to retirement, speak to your financial professional to decide if, when and how to migrate your investments to a more conservative portfolio. A financial professional can help you figure out the best way to spend your assets. People are living longer these days, so you want to make sure you can retire the way you want.

Right before retirement you need to get all your ducks in a row. Streamline your finances and rethink your budget. Think about must haves, want to haves, and nice to haves, and repositioning your portfolio to a more conservative stance. Plan your income sources. What part of your investment portfolio will you withdraw from? Mitigate the impact of taxes as much as possible.

Once you’ve recovered from your retirement party, you need to start withdrawing carefully, watching your portfolio closely, and making adjustments to your investment mix as needed.

Think long term. If you plan your savings and investment strategy properly and early enough you might be able to give yourself a raise. Most importantly, enjoy!

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Calculator Disclaimer
The analysis provided by this tool is based soley on the information provided by you. All examples, if any, are hypothetical and for illustrative purposes and do not represent current or future performance of any specific investment. No guarantees are made as to the accuracy of any projection. This information does no serve, either directly or indirectly as legal, financial or tax advice and you should always consult a qualified professional legal, financial and/or tax advisor when making decisions relative to your individual tax situation. All investments carry a degree of risk, and past performance is not a guarantee of future results. Generally speaking, the greater the return, the greater the risk.
Ted Glime
Age:
27
Location:
Austin, TX
Occupation:
Civil Engineer
Current Salary:
$50,000 per year
Martial Status:
Single
Number:
$1,252,561
Ted’s too young to envision retirement but figures when he eventually does he’ll be playing golf everyday.
Robert & Denise Carreon
Age:
Both 45
Location:
Denver, CO
Occupation:
He's a lawyer, She's a teacher
Current Salary:
$175,000 per year combined
Martial Status:
Married/Two kids, 9 and 7
Number:
$2,439,189
Robert and Denise often debate how, exactly, they’ll spend their days during retirement. He wants to buy an RV and travel the US. She wants to stay near her children so she can watch her grandkids grow up (she assumes her kids will have kids). She also wants to get back into her painting – something that she now does just once in a while—when she has more time.
Charlie & Christine McClure
Age:
He's 64, She's 60
Location:
Holly, MI
Occupation:
Owners of a Diner
Current Salary:
$110,000
Martial Status:
Married, 3 grown children who are out of the house
Number:
$893,483
Charlie and Christine plan to retire on the money they have in their 401(k) and what they make selling the diner. They want to buy two small condos after selling their house. One in Florida for the winter months and one in Michigan near their grandkids. They plan on spending lots of time with them when in Michigan and lots of time on the golf course and on the ocean, fishing, when in Florida.
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