5 Steps to Prepare for Retirement
1) Coordinate with your significant other.
Retirement does not just affect the one partner who will no longer be working. Retirement will be a life adjustment for both partners. What will be the changes financially? What will you do to fill up your free time? Before making the jump to retirement, it is very important to discuss with
your significant other and have everyone on the same page.
2) Define your retirement and determine your income need.
This step may be the most important factor in determining
your retirement date. The more income you need per month the more you will need to have saved in assets. Are you wanting to travel the world in retirement? Or are you looking for more time at home and less stress?
3) Take Inventory of all your assets available to you in
Most people know what their balance of their bank account or 401K account is but what about those nontraditional assets that may be used to help pay for
retirement. Do you have a hobby that you could convert to income? What about antiques that may have been forgotten about.
4) Determine when to take Social Security.
This may be one of the biggest decisions to make once in retirement. For each year you take social security before your full retirement age you will receive a reduction in
benefits. Your assets and income need will have a big impact on when to elect your SS benefits.
5) Develop a plan and stick to it.
Work with a Certified Financial Planner on developing a retirement plan that works for you. Once implemented the CFP professional will be able to help you stay on track or make adjustments to your plan as needed.
Ccornerstone Wealth Management
486 NW 2nd Ave.
Canby, OR 97013