Planning for retirement, much less considering retirement, can be a challenge and may seem rather daunting. After a comfortable 30- or 40-year long career, it’s only natural to hesitate and think about the concerns and fears of what might lie ahead in your retirement. It is only natural to approach this time in life with some amount of trepidation. You may wonder, “Can I afford to retire? What will it mean to my lifestyle?” After a comfortable, successful adult life, the thought of not getting up to go to work on Monday morning is a foreign concept.

Preparing for Retirement

The questions involved with planning for retirement are complicated from an investment, as well as planning, standpoint. It’s crucial to find a company or professional that will take the time to understand your assets and how you can use them long-term, while identifying key risks that could threaten your long-term well-being.

Considerations of Retirement

As you begin down the path of retirement planning, include your family as you outline a plan for your retirement. Being open with your loved ones will allow you to understand your wealth and learn to enjoy expressing your wishes. Be conscientious to include planning for charitable efforts, from a time and financial resource standpoint to help you fulfill your charitable wishes. It’s also important to create estate plans based upon your combined wealth management goals.

Where to Focus Your Retirement

Retirement planning does not stop when you officially become a retiree. After your retirement, continue to make sure your investment programs for your accounts are aligned, as well as with all of your personal financial efforts.

Note the 9 specific areas of focus as you prepare and plan for retirement:

  • Capital preservation
  • Meeting spending needs
  • Medical coverage/long-term care
  • Estate planning
  • Second home ownership
  • Disability planning
  • Charitable family foundations
  • Family gifting
  • Investment counseling

Disclosures

This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.

There are risks involved with investing, including loss of principal. Current and future portfolio holdings are subject to risks as well. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Narrowly focused investments and smaller companies typically exhibit higher volatility. Bonds and bond funds will decrease in value as interest rates rise. High-yield bonds involve greater risks of default or downgrade and are more volatile than investment-grade securities, due to the speculative nature of their investments.  Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. 

Diversification may not protect against market risk. There is no assurance the objectives discussed will be met. Past performance does not guarantee future results. Index returns are for illustrative purposes only and do not represent actual portfolio performance. Index returns do not reflect any management fees, transaction costs or expenses. One cannot invest directly in an index.This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.