On the first year of retirement planning here’s what I need to do: START PLANNING NOW.
As the saying goes, it’s never too early to start saving or planning. On year one of a 10-year retirement plan, you need to start assessing and take action to implement your plan. Uncover what matters most to you, now and what you might want in the future. Develop your plan with the help of a financial expert who can help you understand your choices and then make it happen.
On the second year of retirement planning here’s what I need to do: MAKE A QUICK START.
It’s never too late or too early to plan for retirement. The secret is to live well now AND in retirement. Having the right plan that includes tax-efficient strategies, financial protection, suitable insurance plans, as well as helping you maximize your savings, build more wealth and protect you as much as possible from the unexpected is the key to a safe and happy retirement without sacrificing along the way. And if you haven’t been a diligent saver over the years, there are ways to help make the most of your money with a tailored plan to help you meet your retirement goals.
On the third year of retirement planning here’s what I need to do: REASSESS LIVING EXPENSES.
A step you will probably take several times between now and retirement — and maybe several more times thereafter — is thinking about how your living expenses could or should change.
On the fourth year of retirement planning here’s what I need to do: PAY OFF DEBT/POWER UP SAVINGS.
Once you have an idea of what your possible expenses and income look like, it’s time to bring your attention back to the here and now. Draw up a plan to pay off debt and power up your retirement savings before you retire.
On the fifth year of retirement planning here’s what I need to do: CONSIDER INCOME SOURCES.
First, figure out how much you stand to receive from Social Security. The amount you receive will depend on your earnings history and other unique factors. Review the accounts you’ve earmarked for retirement income, including any employer benefits. Start with your employer-sponsored plan and then consider any IRAs and traditional investment accounts you may own. Try to estimate how much they could provide monthly. If you are married, be sure to include your spouse’s retirement accounts as well.
On the sixth year of retirement planning here’s what I need to do: SHAKE OFF FINANCIAL FEAR.
Fight your financial fear of retiring by facing it head-on. While it’s daunting to think about running out of money once you retire, the secret is to be prepared. With a strong financial strategy, you can mitigate most risks like inflation and taxes. With diligence and strategic thinking, you can create a design that will support your new lifestyle and provide you with a secure retirement.
On the seventh year of retirement planning here’s what I need to do: ENVISION A RETIREMENT LIFESTYLE.
As you move closer to retirement, it’s important to be realistic about where you’ll be and what your circumstances will provide for you. Retirement planning is often based on assumptions of how long you’ll work, how far your assets will take you and how much you’ll spend. Engage in open conversations about priorities, budgeting and spending. Are you prepared, both mentally and financially, to scale back if necessary? Retirees who identify realistic situations can feel more confident about spending in retirement.
On the eighth year of retirement planning here’s what I need to do: ACCOUNT FOR HEALTHCARE.
As you age, the portion of your budget consumed by health-related costs (including both medical and dental) will likely increase.
On the ninth year of retirement planning here’s what I need to do: EASE THE TRANSITION.
As you prepare to implement your retirement plan, it can be difficult to transition from a lifetime of saving to a mindset of spending. Drawing down assets can easily create anxiety which can lead to hesitation that can limit your ability to enjoy the lifestyle you worked hard to afford. Acknowledging that the transition to retirement living is a big change can help you adjust. Try to reframe spending as a positive outcome and one that you’ve meticulously strategized for over the past decade. Success now should be defined as living a fulfilled life instead of worrying about your account balance.
On the tenth year of retirement planning here’s what I need to do: PREPARE TO ENJOY LIFE!
You’ve spent the past 10 years being diligent with your spending and lifestyle choices. Now it’s time to reap the rewards. To get started on your retirement planning, talk to one of the banking professionals at First Keystone Community Bank.
