Retirement, What's Next?

April 24, 2020

Whether you spent your working life actively, intentionally pushing toward retirement or slid into it with unexpected life circumstances, one challenge can be finding your new routine and life purpose.  Before retirement, you were likely getting up every weekday and going to work. You'd work to earn a paycheck and contribute to your retirement, so that someday you could live a life of leisure and enjoy the fruits of your labor after many years of dedication and hard work. 

Prior to retirement, it is important to work with an Advisor to understand what sustainable, realistic withdrawals from your investments should look like in retirement.  However, once you are retired and have more time on your hands, it is also important to make sure that withdrawals are continuing to stay on track and in accordance with your financial plan.

While retirement is certain the period where you expect to enjoy the money that you worked so hard to put away, it is also important to balance distributions with making sure that you are not drawing down on the funds too quickly and thus reducing the likelihood that those funds will be around through the end of your lifetime.

As you ease into or continue to enjoy retirement, I would encourage you to continue to keep your comprehensive financial plan up-to-date with your Advisor and to engage in regular investment reviews to ensure that your risk tolerance/asset mix are still appropriate for your age and life situation.  An Advisor can also be a valuable resource to help keep your distributions on track and help you to maintain sustainable cash flow for your lifetime.

 

This is meant for educational purposes only.  It should not be considered investment advice, nor does it constitute a recommendation to take a particular course of action. Please consult with a financial professional regarding your personal situation prior to making any financial related decisions.  (04/20)