3 Essential Steps to a Successful Financial Retirement (Retired Now)

Are you Retired Now? If so, then you are in the “Retired Now” zone. And as a Retiree, here are “3 Essential Steps to a Successful Financial Retirement”.

First: Do You Have Sufficient Retirement Income

Retirement Income is key for many retirees. In a simple example, you first add up your interest & dividends, your IRA distributions, your pension (if you have one), your social security and any other cash inflow you may have. Then you reduce that total by any income tax consequences. Hopefully, that resulting amount exceeds your annual retirement expenses.

You don’t ever want to risk depleting your assets and you want to make sure you always have sufficient retirement income.

Second: Adjust, Adjust, Adjust!

Your retirement plan is needs to be reviewed at least annually, sometimes more often. Typically adjustments, like reducing your retirement expenses or changing your asset allocation, need to be made either because something has changed in your life (ie. life events) or due to external circumstances.

Life events come in many forms – like marriage, divorce, death of a loved one, inheritance, or the sale of a business or real estate, to name a few.

External circumstances can be anything from changes in the stock and/or bond markets, economic or political change, new tax laws, etc.

It’s important to stay on top of your retirement plan and make adjustments as necessary.

Third: What about Planning

Estate planning, tax planning, life insurance needs, long-term care insurance, medicare and health care expenses, social security benefit options, elder law & medicaid planning, are all important issues. Don’t procrastinate or forget about them. Follow my 3 Essential Steps to a Successful Financial Retirement and you’ll be on your way to a Happy Retirement! Email me at pcapell@piermontwealth.comor call us at (888) 496-1665 with any questions.
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