Money & Retirement_Now is the Time

New experiences, give it a try!

After 40 years on the job what is holding you back from working or experiencing dream level
opportunities including travel, volunteering, or just venturing out? It is best to begin 5 years out from an agreed upon established age to begin that new experience, or at least retirement from past work.

At 5 years before retirement
      Establish a budget for the first year or two of retirement, develop a written/digital bucket list.

Identify which job related expenses (commuting, clothing, tools, computer equipment) may not be necessary.

Identify possible income sources (social security, retirement plan distributions).

At 4 years before retirement
      Decide where your initial retirement years will be lived. Will there be a downsizing?

      Evaluate location alternatives – smaller urban areas, proximity to loved ones including grandchildren             or grand nieces/nephews, health care access, transportation, church, and social networking.

At 3 years before retirement
      Consider changes to investments perhaps with less volatility, more fixed income.

      Revisit that budget, and make adjustments as more details are known.

At 2 years before retirement
      Look at work level transition, consider formal notification to employer/manager/board of directors.

      Obtain and diagnose company retirement plan investments and potential deferred compensation

      Look at compensation awards for required notification and account balances.

      Determine if the retirement plan balance should be kept at the employer’s custodian or should the               balance be rolled over to a Rollover IRA. Identify how medicare care costs will be addressed.

      Examine Medicare choices, self insurance, health care exchange policies.

At 1 year out
      Document and do a trial run on retirement living or scaled back work and increased volunteering, new         endeavor pursuit, travel

      How does the trial run feel?

      Are further adjustments required, is a new location comfortable? Complete formal resignation       paperwork, and identify formal retirement plan start date.

      Enroll in social security if not wishing to delay benefits.

      Talk with us on preparing a financial plan ( or 720.635.3180)