Retirement Transition - The Discovery Process

Define your lifestyle.

Determine what you want from retirement.

Will you continue to work, and live your current lifestyle?

What are your bucket list items?

Choose your target date. At what age would you like to retire? Are you working toward an early retirement?

Assess the risks. Before you can put a realistic retirement plan in place, it is important to understand the five financial risks that can impact your retirement:

• 1) the probability of longer lifespan that requires savings to last longer;
• 2) inflation's impact on future purchasing power of today's dollars;
• 3) an overly conservative asset allocation that may put you at risk for not being able to out pace inflation;
• 4) a withdrawal rate that depletes assets too quickly, and
• 5) rising health care expenses. Then, consider which risks you may be most susceptible to.
  

Create your timeline. Understand your income sources. 

Do you have gaps in your plan? Now is the time to start determining potential gaps in your savings strategy by estimating your income and expenses according to the number of years you expect to live off your savings. 

Catch up on savings. Increase your savings by investing the maximum into your 401k before leaving the workplace.

These ideas are crucial topics we would discuss to help you understand your current situation to better prepare for your retirement transition.

We can work with you to create your income plan so you understand where your money is coming from, when you would receive it, how much you will receive and how long it could last. Knowing these important factors are key for a successful transition into retirement!