Whether it is traveling, hobbies, or spending more time with family, we all have big plans for our retirement. It's easy to imagine retirement, but how do we make the jump from where we are now to the retirement we envision? Here are a few key steps to take:
- Identify Retirement Income Sources - How will you fund your dream retirement? Is it through retirement savings, social security, or a pension? Before you can retire, you need to identify where your money will be coming from.
- Plan The Age You Will Retire - The age at which you retire will make a significant difference in how much money you will receive and how much money you will need. Look into when you want to retire and see if that age is a viable option, or should you wait a couple of years for more income.
- Calculate How Much You Need - Do you have enough saved to live out your retirement years comfortably, or will you have to make adjustments to your living expenses? Time to make some calculations and identify any shortfalls in your retirement plans.
- Fine Tune Your Portfolio - You know your income sources and how much you need, but are your investments getting you there? Now is a great time to talk to your financial advisor about any changes you can make so you're not left blindsided by an easy last-minute correction.
- Arrange The Retirement of Your Dreams – Retirement means more free time and planning what you will do during that time will alleviate the emotional drop many face with the idea of a “permanent vacation.” Will you travel? Are there hobbies you will take on? Retirement is a big phase in more ways than one. Make sure you plan appropriately.
Retirement may be a few short years away, but that doesn’t mean that the planning stops. If anything, now is the time to focus even more on how to make the most out of your retirement, and Thoroughbred can help.
If you need help planning for your retirement, talk with a Thoroughbred Asset Management advisor or register for the replay of our webinar, “Retired. Now What?”