Planning for the Future

There are many financial decisions you have to make as your retirement date gets closer: when to sign up for Social Security, which Medicare and Medigap plan to choose, how to get your mortgage paid off, and so on. Then, you have to start managing your various sources of income across any number of financial institutions to create a cash flow that you won’t outlive. It is a tall order, and trying to manage it all can take a considerable amount of time now and in retirement.

One of the best ways to get your financial house organized is to pull together all of your various accounts (and those that your spouse or partner may have) and consolidate as much as you can with a single, trusted financial institution. Talk to their financial consultants, who can help you answer your questions, make investment decisions for your retirement years, and help you construct your retirement income plan. You can simplify by consolidating your assets and using a central “hub” to manage all of your investments and assets for income.

Before transferring assets, consider the differences in features, costs, surrender charges, services, company strength, and any tax consequences. Before making such decisions, consult with your own advisors regarding your particular situation.

 

Create a Vision for Your Retirement


To help you take stock of what your ideal retirement looks like, consider these questions:

  • What do you want to do in retirement?
  • What is most important to you?
  • Who do you want to spend time with?
  • Where do you want to live?
  • Would you like to continue working in retirement, whether it’s a part-time job, a second career, or your own business?
  • How do you see yourself supporting family members (parents, children, siblings) in the future?
  • How will you balance your travel or entertainment needs with other expenses like food, housing, and health care?
  • Do you want to go back to school?  Learn a new skill? Embark on a new hobby?