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How Nimble Is Your Retirement Planning?

September 30, 2016

 

We all look forward to retirement.  However, without forethought our retirement years could fall short of being all that we desire.  After all, do you want to have to give up certain things during this valued time in your life because you didn’t plan for it correctly? Here’s something you may not have realized – planning for retirement is much more than just focusing on income.  There are many different decisions that have to be considered when thinking about this stage of your life.  Don’t you want to make sure you are prepared to live all those years fully without financial and emotional stress?
 
Since we don’t know what circumstances we may be faced with once we enter into retirement, we must plan to have control over our choices.  This means looking at income from multiple sources, not just one.  When you have choices, you are able to take advantage of different tax strategies and distribution options.  The best retirement strategy provides options to best suit lifestyle, family needs, and economic circumstances.
 
Here are important questions to ask yourself when planning for retirement:

  • Is my adviser planning for all the aspects of retirement or just focusing on income?

  • Am I positioned to have various sources from which to take income?

  • Am I protecting those sources throughout the distribution phase?

  • Do I have plans in place for long term care?

  • Are my social security benefits coordinated with my other assets? 

  • What health care decisions need to be made?

  • Do I have an updated living will?

  • What about wealth transfer? 

  • And real estate? Where will I live? 

  • Am I emotionally prepared for retirement?

 
The best retirement strategy gives you the ability to be nimble, maximize wealth and have options in retirement.  Longevity far exceeds what it was 20, 40, 60 years ago…we need to make sure that when we are in the distribution stage we can still accumulate and preserve money.  After all, who says we have to stop growing money during this phase of life?  When making financial decisions, make sure you are not focusing on distribution only. Being nimble means being prepared to handle whatever life throws at you.  This will allow you to enjoy the retirement that you have planned for most of your life. Talk to a Leap Adviser to learn how you can have control, flexibility and choices in retirement.

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