‘How-To: Properly Prepare for Retirement” by Jeff Hausinger, Branch Manager
Oftentimes, people first reach out to a financial advisor as they are a few months out from retirement. Although it is never too late to figure out a plan of action, the best approach is to formulate a plan years before you actually retire.
We all know how quickly the workday can pass when you are busy from morning until night. That being said, if you procrastinate making the phone call to set up a meeting with an advisor, retirement can creep up on you very quickly. Three ideas often associated with retirement are lack of stress, relaxation, and comfort and the only way to maximize those concepts are if you properly prepare for retirement. Learn how to do that below:
- Create a budget; figure out your income and expenses and stick to it. It is never too early to save.
- Take advantage of your company’s retirement plan; whether it is a 401(k) with an employer match or an IRA opened at a brokerage firm, have that retirement account set aside from your regular bank account.
- Maximize your Social Security benefits; schedule an appointment with a financial advisor to review you and your partner’s Society Security options so you can capitalize on that benefit.
- Develop an income source withdrawal strategy; whether it is a pension plan or you are taking your required minimum distribution (RMD) from your IRA, make sure you understand different strategies to minimize tax implications.
- Don’t be afraid to ask for help; seeking guidance to help with the transition into retirement early on can be the best decision you make. Contact the advisors at All Seasons Wealth Strategies to formulate a retirement strategy most appropriate for you.
- Remember – every plan is different; oftentimes people turn to their peers who have already retired for advice, but remembering that everyone has different circumstances will play a key role in your personal retirement plan.