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Transitioning Into Retirement

Live Out The Retirement You Deserve

Live Out The Retirement You Deserve

Being financially prepared to transition into retirement is important because it offers you the opportunity to have the resources you need to live confidently in your golden years. It can also give you the freedom to make choices about how you want to spend your time and the confidence to face any obstacles or challenges that may come your way. By planning ahead and saving for the future, you can have the confidence you need in knowing that you have the financial stability to live out the retirement you’ve been dreaming of.

There are several steps that you can take to ensure that your transition into retirement is as seamless as possible. These can include:

- Determining how much income you will need in retirement.
Take into account your expected expenses, any debts you may have, and any sources of income you will have in retirement, such as Social Security or a pension.

- Making a budget.
Once you have an idea of how much income you will need, create a budget that properly outlines your expected expenses in retirement.

- Reviewing and adjusting your investments.
Look at your current investment portfolio and consider if it is properly diversified and aligned with your retirement goals.

- Determining if you need to save more.
If you do not believe that you have saved enough for retirement, consider ways to boost your savings, such as increasing your contributions to your 401(k) or your IRA.

- Consider downsizing.
If you own a home, you may want to consider downsizing to a smaller property or one that requires less maintenance. This can help reduce your expenses in retirement.

- Creating a retirement income plan.
Once you have a sense of your expenses and income in retirement, create a plan for how you will generate more income in retirement. This could include a combination of Social Security, pension, and withdrawals from your retirement accounts.

If you are retired – or approaching retirement – please take the time to explore our website and the wealth of information we offer. We understand the many challenges of retirement today, and we know the biggest concern for many is outliving their money. We focus on money management, as well as other issues that are critical to your financial well being in your post- professional life, and we can help you set up and pursue each of the transition steps listed above so that you feel comfortable and confident in your financial future.

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