As a new retiree, I reflect on how I prepared to be where I am today. Looking back, I realized that I started preparing when I was 30. It was 1984, and I was working for a Risk Management Company. 401Ks were being introduced by employers. The company I worked for had a financial planner come in and talk to the staff about how investments worked. He helped us decide how much we wanted to invest each pay period and how that money would grow over time. Four years later, when I married and moved to South Florida, I asked the planner if he could help me and my husband as we combined our finances. He said he could not work in South Florida but gave me a recommendation for someone in Miami. Once we were settled, I called ‘Jack’, the referral I was given, and made an appointment to meet him. We worked with Jack till he retired and continue to work with the team he built over the years. Today, my husband and I are retired and live a life we worked hard to have and enjoy!

I wanted to use this post to share some tips I learned. It is never too early or too late to start planning for retirement. Take a few minutes to read this post and then share it with your family and friends, as it might help them!

According to the US Census Bureau, the median age of the United States population is 38.9. So, we know that planning for retirement needs to start early.

Regardless of your age, how are you preparing for Retirement? Here are some tips:

  • Retain a Certified Financial Planner to understand how they can help you save and make investments that are right for you and give you the best results
  • If you do not have a 401 K through your employer, investigate the best plans for you. The sooner you start saving, the better.
  • If you don’t have a disability plan, sign up for one so you are prepared for an accident or illness that could impact your ability to work
  • If your finances are in trouble, consider getting a second job to save money and catch up on bills.
  • Consider returning to school to get an advanced degree or a trade if it will help you get a better-paying job.
  • Look at your current job for growth opportunities. If you do not see a future with your current company, look for new opportunities.
  • Cut down on expenses. What can you do without?
  • Follow a budget
  • Before you retire, look at your savings, assets, and bills. Can you afford to retire? If not, consider continuing to work.
  • Plan vacations and time off to ensure the right work/life balance.

If you have retired, how are you looking out for financial health?

I recently read our Financial Planner Monthly Newsletter. Some high points that I learned:

  • The most significant risk for people in Retirement is not the stock market’s volatility. The most significant risk to Retirement is that your investment portfolio might grow slower to sustain increased living expectations over time and withdraw from your portfolio.
  • When evaluating risk, don’t focus on what you cannot control—focus on what you can control, such as your income, spending, and health.
  • What is the level of spending necessary for your current lifestyle?
  • What is your cash in and your money out?
  • Do you have funds for home repairs/improvements/modifications/relocation
  • Car repairs/car insurance/care payments
  • Do you have funds set aside for health care costs that might not be covered by your health insurance: home care, nursing homes, medications

Consider these points with a positive attitude and honesty. Live within your means and talk to those who understand finances, as they can help you meet your goals and prepare for challenges that can arise.

I hope these tips help as you prepare for your future or consider whether this is the right time to retire. Let me know the strategies you are working on as you plan to retire.

Have a good week!

 

 

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