Life, after work, has been completely redefined. Those leaving the 9 to 5 behind, in favor of a more relaxed, enriched or exciting lifestyle, are rewriting the meaning of retirement. Part of the credit for retirement’s overhaul can be given to longer and healthier lifestyle trends. Leaving the workforce does not have to be the endgame, but rather your signature version of a rich life after retirement that could last a long time!
Here are five steps to help you get ready for what comes next:
- Create a retirement budget and track expenses
- Shore up cash reserves
- Know how you will deal with unexpected financial needs
- Identify income sources that contribute to cash flow
- Take the time to ensure that you are psychologically ready for the change of pace
On the most basic level, we all have goals and aspirations for our life after work. Some are big, some small, but most importantly, they are unique to each retiree. If you are stressed thinking about retirement, talk to your financial planner about the five steps above. Take the time to double-check that you are ready for what comes next. Today’s retirement holds the promise of being more fulfilling than ever before – but could be longer and more expensive too.
Laurie Renchik, CFP®, MBA is a Partner and Senior Financial Planner at Center for Financial Planning, Inc. In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine, is a member of the Leadership Oakland Alumni Association and in addition to her frequent contributions to Money Centered, she manages and is a frequent contributor to Center Connections at The Center.
Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.
Any opinions are those of Center for Financial Planning, Inc. and not necessarily those of RJFS or Raymond James. C14-017445