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For so many of us, retirement looms on the horizon like a golden trophy at the end of a long race. After decades of hard work, it’s time to focus on leisure, pleasure, family, and hobbies. But in order to make the most of what you’ve so diligently earned, you need a solid plan and a clear understanding of what lies ahead.

In the decade or so before retirement, there are some key questions that need to be answered, and a solid strategy to be formed.  Here are some tips from Gretchen Meyer Financial to help you get ready for and enjoy retirement.

5 Things To Consider As You Prepare For Your Golden Years

1. Picture Your Realistic Retirement to Understand Your Needs

Everyone’s vision for their retirement is different. Will you need funds for travel or expensive hobbies? Or will living without professional expenses (commuting, fancy clothes, fine dining your clients) lower your everyday costs? Get clear about how you’ll be spending the years ahead to have a more precise understanding of how much money you need to have the retirement you’ve always wanted.

2. Plan for the Big Purchases and Expenditures of Retirement

It’s a good idea to cast your mind into the future and consider any large expenditures–both planned and unplanned–that might come up. Are there costly home repairs you should consider doing while you still have an income, like a new roof or furnace? Will you downsize, or want to remodel your current home for aging-in-place modifications, like a ground floor primary bedroom? Will you be purchasing an RV or frequent airline tickets to visit your grandchildren? All of these expenditures should be factored in your budget.

3. Consider Every Possible Healthcare Cost

Healthcare becomes an even higher priority as we age. Give yourself a leg up by gaining insight into the Medicare system, decide whether or not you’ll want supplementary medical insurance, learn about your options when it comes to long-term care planning, and make sure your life insurance policies reflect your and your family’s needs.

4. Get Your Estate Planning Ducks in a Row

Now is the time to get your estate organized. You’ll want to ensure that all of the many legal documents of life– wills, trusts, healthcare proxies, executors, and beneficiaries–are sound, accurate, and according to your wishes. This preparation provides peace to both you and your loved ones, and gives you one less thing to worry about as you prepare for your golden years.

5. Develop Your Income Strategy

It can be hard to shift your mindset from that of an earner to a spender. Learn how to wisely crack into the nest egg you spent so long creating! One of the best things you can do in that effort is to understand your Social Security benefits, and when to use them. Visit ssa.gov to learn more about the Social Security system. This is also the time to consider changing your investment strategy, or diversifying your assets. Your income stream will change in retirement, and so will your budget.


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3 Lear Jet Ln, Suite 200
Latham, NY 12110
Website: https://www.gretchenmeyerfinancial.com/
Phone: 518-608-1110

Preparing for your golden years can be intimidating and confusing. Gretchen Meyer Financial can help seamlessly guide you through all of these steps, and so much more. They take the time to develop trusting relationships with their clients, fully understand their unique financial picture, and help them pursue their goals.

This material was created for educational and informational purposes only and is not intended as tax, legal or investment advice. No investment strategy assures a profit or protects against loss. Securities and advisory services offered through LPL Financial, A Registered Investment Advisor. Member FINRA/SIPC


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