Countdown To Retirement

Author

Senior Tax Advisory Group

Posted on

Jan 25, 2023

Book/Edition

Colorado - Colorado Springs

Getting ready for retirement can be exciting. With such a huge lifestyle change, you should consider starting to lay the groundwork now. Here are some tips to help you through that transition.

Create a realistic budget.

When planning your retirement budget, remember that some expenses may decline in retirement, but your medical expenses will most likely go up as you age. Plus, be sure to include any long-term care expenses.

Set a firm retirement date.

You probably have an idea of when you’d like to retire, now could be a good time to set that date in stone. This is also a good time to talk to a Retirement Planning Specialist to help determine when you should claim Social Security to maximize your benefits and factor that into your planned retirement date.

 

Determine your retirement lifestyle.

In-depth research is a must no matter where you plan to live in retirement — whether it’s in another country or a nearby assisted-living community. Aside from obvious factors like the weather, you should also consider factors like state and local taxes, the local real estate market, proximity to friends and family, access to the kinds of activities you enjoy, and access to high-quality healthcare. If possible, take some of your saved vacation time and spend a couple of weeks living as you plan to in retirement.

 

Review your portfolio.

Soon you’ll be switching over from putting money into your retirement accounts to taking money out. If you haven’t already done so, you should rebalance your investments in preparation for retirement. For example, you may want to reduce the amount of risk. You may want to look at more income producing investments such as fixed indexed annuities, or income producing bonds. The number 1 concern in retirement is running out of money. This is also a good time to take your account statements to a financial professional who has experience in retirement planning and ask for guidance.


To learn more about Senior Tax Advisory Group call them at 719-596-4844. 

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