5 Things to Do Before Retirement

Envision – what will it look like? What will you do? What frequency will you do certain things. Will activities and hobbies be done as a couple or some individually? Will you do these for 5-10 years then slow down? Our happiest retires are those that fell fulfilled with their new lives and the ways they are choosing to spend their free time.

Cost –

? Activities. Travel? Golf? Fishing? Needle point? How much will the actives you participate in cost?

? Other living expenses – Home, Food, Utilities, Insurance etc

? Don’t forget Health Care – How much will you spend on out of pocket costs? Do you have a plan in the event you get a serious illness or disability?

? Some costs go away – Kids? Mortgage? Commute cost? Subtract those.

Predictable income – What are the sources?

Social Security?

Pension?

Any other reliable sources?

Subtract that from your cost above

Gap – Take the costs above and subtract the reliable income. How much of a gap has to be picked up by your retirement savings?

Filling that Gap – This is the most detailed part. Construct a plan to account for the following risks

? market risk

? interest rate risk

? longevity risk

? sequence of returns risk – what if I retire and then soon after the markets sells off?

As retirement gets closer and the paychecks from your employer get closer to going away, things get scary.

How do I know if I have enough saved?

Should I look to de-risk certain retirement assets and what is the optimal way to do that?

What is a safe withdrawal %?

How should I try to address the major retirement risks?

If you need help with these or other concerns that you have, and you are thinking about outsourcing this, send me an email. I’ll introduce you to our process that we’ve developed and refined for retirement income purposes. Email me at [email protected]

And as always if you have any other comments, questions suggestions, let me know or reach out through email or social media. I’d love to hear from you.