Pre-Retirees
Pre-retirement begins in your 50s or early 60s when managing competing priorities like paying for college for your children while simultaneously increasing your retirement savings is the top priority. At this point, you are starting to think in more detail about funding your retirement. As you move through this phase and get closer and closer to retirement, you begin to make more concrete plans to determine your income and manage healthcare and other post-work costs.
But, perhaps most importantly, you’ll decide what day you are actually going to retire.
Financial Planning Needs
- Reassessing your budget
- Managing and protecting wealth
- Reducing financial obligations
- Rethinking a mortgage
- Updating insurance
- Accelerating savings
- Reassessing estate plans
- Caring for aging parents
- Setting up paperwork for the sale of a business
- Reassessing emergency savings
Retirement Planning
This phase marks one of the biggest changes you’ll experience in life, the time when you begin your post-work life and live off your retirement savings and investment income. You’ll see how your plans for income in retirement work in actuality, and you will make sure your retirement plan distributions are done most efficiently. And with all this new time on your hands, you will probably enter a period of adjustment where you learn your post-career identity.
Financial Planning Needs
Funding desired retirement lifestyle
Determining retirement date
Gauging expenses and reassessing budget
- Moving from saving to spending, using the retirement income plan built during the pre-retirement phase
- Continuing to generate income
- Protecting assets against future liabilities like illness, premature death, disability, and long term care
- Managing healthcare costs
- Long term care Insurance
- Distributing wealth
- Updating wills
- Solidifying estate plans
- Creating a legacy
- Charitable giving
- Caring for the family after you pass