Tips for a Successful Retirement, Part 3: Creating a disciplined financial plan

In Part 1, we reviewed the importance of having 3-6 months of emergency cash savings. In Part 2, we discussed maximizing tax-deferred accounts. Now it’s time to create a financial plan, and stick to it!

First, you need to ask yourself some thought-provoking questions. These will help lay the foundation for what your plan will ultimately look like.

·         Do I currently have a disciplined family budget?

·         What do I want my life to look like in retirement? (i.e. travel, hobbies, entertainment)

·         Do I wish to continue working part-time in retirement in order to stay socially engaged?

·         What type of legacy do I want to leave to others through inheritance or philanthropy?

·         What is my family’s health history?

Once you’ve addressed these, work with a Financial Advisor who has the right tools to stress-test multiple scenarios with you (when to retire and collect social security, annual spending, etc.)

Now that the pre-work is done, it’s time for you and your Financial Advisor to create a disciplined investment strategy that will ensure your plan is a success. You need to fine-tune the perfect balance of risk and reward to safeguard your assets while taking advantage of the right opportunities for growth.

Most importantly, be nimble and willing to adjust your plan based on life events.

To view an estimate of your retirement funds, use this estimator. If you’d like help creating a financial plan – or as we like to say, your own personal vision for the future, request a complimentary consult. Let’s see how we can get you there!


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