Next Stop: Retirement

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Published by Taylor Financial Group

Some people approaching retirement may be asking with curiosity (and maybe a little nervousness): What’s it going to be like? Well, retirement doesn’t have to be scary. With a little thought and if you have the proper plan in place, you can approach retirement with confidence. Taylor Financial Group can help you plan for retirement the right way.

Once you’re in retirement, the key is to make the most of your hard-earned money. Here are some tips that everyone should know when it comes to enjoying a well-planned retirement.

Check your spending. We all know that consumption is the enemy of wealth accumulation. Retirement can quickly become stressful when you realize you have many years to live in retirement (sometimes up to 35!), but you’re not sure if you have enough money to last. First, you need to evaluate your desired lifestyle and review your expenses, so that you can create a budget that works for you. You should have a goal to only spend a certain amount each month. At that point, we can set up a “pay check,” where the money you need will be taken from your investment portfolio and transferred into your checking or savings account. With our personal financial planning process, WealthMatch, it’s easy to review your objectives and decide what adjustments can be made to better pursue your long-term goals. In addition, Taylor Financial Group can also help provide strategies on how to maximize your Social Security benefits and how to structure your IRA withdrawals so as to lessen taxes and maximize the money in your pocket! Talk about making the most out of your money!

As a first step, make sure to check out our Cash Flow Worksheet to organize what goes in and out of your bank account!

Vacation. Take that dream vacation. You deserve it! While it’s important to resist overspending, it’s also important to allow yourself to have some fun and spend money on the things you’ve always dreamed about. And, of course, we build travel into your financial plan, and if you are on a tight budget, part of our approach is to try to keep the vacations affordable. You can do this by planning early, going during off season, and always staying flexible with your plans. But, don’t fall so in love with your vacation destination that you suddenly decide you have to buy a house there. We often see retirees rush to buy a second home and, sometimes, this can cause a lot of stress and unnecessary financial problems.

Keep Yourself Busy. And Positive.  The truth is, retirement can sometimes feel lonely and unproductive, so take this time to do all the things you love. Spend time with family, immerse yourself into learning something new, volunteer at a soup kitchen, etc. Do whatever makes you happy.

If you have any questions about your retirement plan or budgeting your money, don’t hesitate to give us a call.  We are always here to help you pursue your goals and have financial confidence.


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