Are you super conservative with your retirement savings because you’re worried about being unable to cover a significant future expense or that you may outlive your money? It’s amazing how many wealthy retirees are sitting on a healthy nest egg, living like they’re broke, and not thoroughly enjoying the retirement life they dreamed of. In recently published research, many retirees are withdrawing far less than they could because they just aren’t sure that they have enough money saved for retirement.
There are very effective and easy solutions to address these concerns. Do you want guaranteed funds to cover living expenses, mortgage, insurance, taxes, medical costs, annual travel, hobbies, or entertainment? There are various ways to set aside funds in risk-free products to guarantee an income that you and your spouse can’t outlive. Think about how it would feel to know that you will receive a guaranteed, predictable income for life regardless of whether the market is up or down or what interest rates are. Talk about peace of mind! Is this something you would like to have?
What action steps can you take now to ensure a worry-free retirement?
- Start planning for retirement as early as possible. It is never too late to start a conversation to learn about options and make changes to improve what you are already doing.
- Realize you should plan for 30 + years of expenses after retirement and know what strategies are available to help you fund the lifestyle you want and deserve.
- Consider the three stages of retirement –
- The Go-Go stage
- The Slow-Go stage
- The No-Go stage
You will most likely spend more on travel and entertainment early in your retirement years, whereas as you slow down, funds may be spent on home modifications, healthcare, or even long-term care in your later years. A multi-tiered approach can address these different stages. We can help develop a plan.
- Explore multiple income sources – Rental income, dividends, and annuities can provide guaranteed income streams.
- Review housing—Are your expenses manageable? What about future upkeep and repairs? Does your current home allow for aging in place? Would downsizing be a better option? Does your current community have the resources that you need? Could you live more efficiently in a less costly area?
If you have built significant wealth, don’t miss out on the retirement of your dreams because you are afraid of running out of money. Take a realistic look at what adjustments you can make to positively impact your quality of life and alleviate worries about future costs and expenses. With the right tools, information, and plan, you can spend without fear and make the most of your retirement years.
Give us a call, and let’s have a conversation. It can be life-changing!
