Itโs likely youโve thought a lot about how youโll spend your time during the so-called golden years. Whether your plans include working part-time, more travel, more time with family or friends, or investing in a new hobby, youโll want to be financially prepared.
Here are our top five tips for setting yourself up for a satisfying, fulfilling retirement.
#1: Define a clear vision
You already know that daydreaming about life in retirement isnโt enough. Youโll want to create a formal, written vision of what you would like your days and years to look like when youโre in retirement age. Even if itโs subject to change (because what in life isnโt?), itโs important to get it in writing.
Your wealth manager will rely on your retirement vision to create your financial plan. Having a solid understanding of your retirement aspirations will be a guiding light in shaping your investment strategy today for the retirement life you want in the future.
#2: Prepare for โwhat ifsโ
It can be hard to prepare for every contingency from a financial perspective (COVID-19 has been a good lesson in that). However, in addition to considering where youโd like to travel and how much you anticipate spending on hobbies, itโs key to have an emergency fund for everything from health care to unexpected home repairs.
You can also count on, and should be financially ready for, inflation. While we havenโt been in a period of inflation for many years, that may change, meaning youโll need more money in your retirement accounts to achieve that vision we covered in the first tip.
#3: Take care of your health now
Want to spend more time perfecting your golf game in retirement, or mountain biking with your adult kids? Maybe itโs enough for you to be physically able to pick grandkids up off the floor, or even just walk comfortably over cobblestone roads in that ancient city youโve always wanted to visit.
Whatever your goals, now is the time to care for your health โ physical and mental โ so you can achieve them. And while there are never any health guarantees, you may not need to spend as much on medical care in retirement if you do a good job caring for your health today.
#4: Donโt forget your legacy
Retirement can be totally about you, but many retirees want to make sure that there are funds left over for family and causes that are important to them. What would you like to leave to family members? Are there organizations you want to give time or money to in retirement and after youโre gone? If you own a business, how will succession figure into your planning?
Your financial advisor can help you structure your finances to ensure youโre able to leave the kind of financial legacy you want to leave. We can even help with small business succession planning here at Ironwood Wealth Management.
#5: Work with a wealth manager
Having a trusted financial professional in your court is one of the best ways to ensure youโre financially prepared to live the retirement lifestyle of your dreams. Here at Ironwood Wealth Management, we take a personalized, relationship-based approach to preparing your financial plan.
Planning your retirement can be a scary thing, but if youโre prepared and have a trusted financial professional on your side, youโll experience a smoother transition and greater peace of mind.
Interested in learning more about how to prepare for the retirement lifestyle you want? Get started with a call to Ironwood Wealth Management today.
