Picturing Your Retirement and Making Plans

Nobody wants to be left with a shortage of funds when they hit retirement, and to avoid that unpleasant scenario planning is essential.

Planning, however, starts with imagining what you want to do in retirement, how you plan to pay for ongoing expenses and if you want to leave anything for your heirs after you pass.

Some see retirement as a time to start a new career. Others plan to travel and see the world, while some simply want to spend more time with family and friends. With that in mind, here are some things to consider.

What are your ‘musts’ for retirement?

If you could only get four or five things done in retirement, what would they be? Answering this question might lead you to compile a short list of life goals. Don’t focus just on financial goals. Think more broadly about what you’d like to accomplish in your golden years.

And while some of those goals may have nothing to do with money, the financial decisions you make may be key to pursuing them.

What would get you excited?

Some people retire with no particular goals at all, except for relaxing, fishing and relaxing more. However, after a few weeks or months without work, many retirees realize that just hanging around the house isn’t cutting it.

That’s when they start to think about what pursuits or adventures they could embark on to make these years special. In retirement, time is your most valuable asset. With more free time and opportunity for reflection, you might discover that you have new passions and ideas for how to enjoy your senior years. 

Do you want to leave a legacy?

A legacy is an enduring impact that you make on those who outlive you. Most of the time, it comes as (or includes) a gift, such as an inheritance, a family business or property. But it’s not limited to possessions or money. A legacy is an opportunity for you to change the world. 

Many of us would like to give our kids or grandkids a good start in life, but leaving an inheritance is not always easy. Tax laws are constantly changing, and strategies to reduce tax obligations that worked years ago may not work as well today.

Your next step

After you consider the above, your next step should be to call us to see if you need to modify your estate strategy. If you haven’t gotten started on one, now might be a good time to start.

After answering the above questions, you may feel that you need to prepare more for the future or reexamine your existing strategy in light of recent changes in your life.

Please call us to discuss your needs and how we can help you make your retirement plans come to fruition.

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