Without A Successful Retirement Strategy, You Can Be Lost

Jim Moniz |
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Preparing a retirement strategy requires taking a careful look at your current finances and lifestyle, potential future and anticipatory needs, and a realistic view of your spending habits and view of money and investing. Many times, not enough thorough attention is given to such planning. Use this checklist to help you feel more confident and supported as you continue to explore your options. Because as you know, the financial decisions you make now will define your future lifestyle.

As you read each step, jot down any questions or concerns and send them to us. And if you would like our professional guidance, please give our office a call at (781) 353-5043 to schedule a time to chat.

  • I know what I need to cover my expenses each month.

  • I have estimates for how much extra I spend each year on travel, home improvements, gifts, medical care, and other expenses.

  • I have a clear understanding of the guaranteed income I receive from sources such as Social Security, pensions, annuities, veteran’s benefits, etc.

  • I understand that as of 2023, an average retired couple age 65 may need approximately $315,000 saved.1

  • My income strategies account for inflation (if I need $100,000 this year, I will need $186,000 in 20 years to have the same quality of life at 3% inflation).*

  • I understand my Social Security options and how to maximize my guaranteed lifetime income.

  • My spouse and I have coordinated our Social Security strategies to maximize our income.

  • Our income strategy protects a surviving spouse from loss of income.

  • I have adequate liquid cash on hand for emergencies and unexpected expenses so that I am not forced to liquidate investments.

  • A financial professional has looked over my income strategy to identify any problems or mistakes.

  • I have reviewed my strategies considering recent tax legislation to make sure I am using every opportunity to potentially lower my taxes now and in the future.

  • I understand how taxable, tax-deferred, and tax-free wealth buckets work, and how my drawdown strategy helps maximize my after-tax income.

  • I understand that Medicare and Social Security depend on the future fiscal stability of the United States.

  • I understand that the debt held by the U.S. is expected to reach 6.9% of the Gross Domestic Production in 2033 and my future tax rates may increase.2

  • I am staying abreast of changing tax rules and working with a financial professional to proactively plan for future taxes and investment result shortfalls.

WHY SHOULD YOU GET A PROFESSIONAL OPINION OF YOUR INCOME STRATEGY?

It is okay not to have all the answers to the questions presented in this checklist. What is important is identifying where you still need to act. If you need advice or encouragement, please call our offices to schedule a chat.

Turning your savings into enough income to last the rest of your life is complicated, plus adding frequent rule changes can make it all feel impossible to navigate alone.

And consider this: Even if you feel comfortable with your current retirement plan, we recommend getting a professional to confirm if the changes from the new retirement regulations impact your current strategy.

A world of opportunity and freedom is waiting. Let us make your next adventure your best yet.