Think of your favorite recipe.
How many ingredients does it have—just a few or is the dish more complex? What methods and tools do you need to make it? And once you have your ingredients mixed together, do you taste-test along the way to see if you need to make any adjustments?
These considerations are just as important for your investment and retirements plans as they are for your favorite dish. Some goals are more complex, requiring more varied avenues to work toward them. Your situation may require more time and different strategies to plan for retirement than another person’s, and that’s okay! And you absolutely want to “taste-test” your plans by meeting with your Wealth Management Advisor to make sure you’re on track or to make any adjustments to try to get back on course.
If you’re getting closer to your planned retirement age, check in with the Wealth Management Advisors to see if your retirement is on track by considering each step of the retirement checklist:
Retirement Budget
Understand what your income will look like in retirement so you can confidently spend your money.
Emergency Savings
The threat of emergencies doesn’t go away just because you’re no longer at risk for a job loss. Prepare by saving three to six months’ living expenses in an easily-liquidated source.
Taxes
Have a sound tax strategy will help you through the process of spending your retirement funds.
Lifestyle & Location
Have your plans for retirement changed regarding your housing options and location? If so, you may want to revisit your strategy.
Retirement Strategy
Planning the ‘when’ when it comes to tapping your 401(k), TSP or other retirement plan savings is a major part of being retirement-ready.1 And don’t forget about old retirement accounts from past employers! Use this time to bring all your retirement accounts together into one strategy. Make sure you’re including all your past retirement accounts in your retirement strategy.
Estate Strategy
Retirement inevitably ends with your passing. Be ready for that day by planning how you want your assets to be distributed and who will handle your estate when you’re gone. Ask your Wealth Management Advisor about the exclusive Life Notes estate planning book from Kirtland Financial Services to help record your plan!
Health Insurance
Understand your options with Medicare and build a strategy for healthcare-related expenses.
Extended Care
Many retirees face health issues that require them to spend a portion of their retirement in long-term care facilities. Make sure you’ve planned for the possibility.
Social Security
Make sure you know how Social Security will factor into your income strategy.
Bucket List
It’s the best part of retirement! What are your goals and priorities going to be in retirement? Check in with your Wealth Management Advisor to help you stay on track.
Planning—following your recipe—can help you work toward a great final product. From the time you walk into your first job all the way through to deciding what will happen to your estate when you’re gone, planning helps you focus on your goals, not just react.
The professionals at Kirtland Financial Services specialize in helping you identify long-term goals and educating you on your options for working toward those goals. With a broad view of all your options, you will be able to more confidently make choices that are right for you.
Let Kirtland Financial Services help you with:
- PROTECTION PLANNING – Do you have the right insurance options in place to protect your assets?
- TAX PLANNING – How will tax laws impact you?
- INVESTMENTS – You have many options to try to grow your savings.
- RETIREMENT PLANNING – It’s never too early to start.
- ESTATE PLANNING – Plan for the future you won’t see.
Work toward a delicious retirement!
