Three Strategies to Stick With in Retirement

Retirement is Changing/Enjoying Retirement in the New World

Retirement is changing; the question is how. With the reality that millions more people are living well into their 80s, 90s or longer you need to maintain focus so that the gift of a long life is a blessing and not a burden.

Rather than thinking of retirement as a single, final stage of life, it is more realistic to view it as a progression in itself – with an early active phase, a 'middle age' and so on. For instance, if you've recently completed your working life, you probably have no plans to suddenly stop the activities you have always enjoyed. It may be wise to take a fresh look at income and expenditure requirements at each phase of retirement, as well as estate planning.

Three Strategies to Give You the Retirement You Deserve

1. Keep Expenses in Check. The vision you have for retirement, based on what you save, may or may not happen if you are a little bit off-track. Making sure that your retirement income will cover your expenses now and in the future requires careful planning.

2. Develop an Investment Plan. Fewer than one in three recent retirees have created a plan to convert assets to income. Without a formalized plan to take income from their portfolios, many retirees are likely to make withdrawals as desired, unaware of the ramifications. Determining an appropriate income plan in advance can mean the difference between a comfortable retirement and outliving your savings.

3. Have Fun! Is your retirement measuring up to what you thought it might be? Periodically remind yourself of your feelings about retirement in your early retirement years. Maybe you had a list of activities you were planning to pursue: travel, hobbies, volunteer work, fitness, learning or just relaxing. Are you living the life you dreamed for yourself?

Long Life with a Plan is a Blessing

Whatever your personal scenario, meeting regularly with your financial professional throughout your retirement years can ensure your income and investment plans continue to meet your evolving needs. Long life is a blessing — but a lack of planning can turn your longevity into a financial burden.