You want to be financially stable and live comfortably in your retirement. Our main goal is to help you accumulate wealth to get you there. We do this by helping you generate income in your retirement. Learn more about how you can take charge of your retirement.
Take some time to think about what you want to do in your retirement. What are your goals and dreams for how you want to spend your days? Hobbies, activities, traveling, classes, etc… These are some things to think about.
Next try and estimate how much money your expenses will be every month. Try to be as realistic as possible, and include occasional things such as travel, taxes, new purchases, and emergencies.
Once you are retired your employer will no longer pay for health care, so you will want to try and forecast how much this will cost as well.
Long Term Care Insurance
Think about purchasing long term care insurance. Discuss this with a qualified professional to see if this is right for you.
Mortgages & Loans
Go over any large loans that you have such as mortgages. Your income may change in retirement and affect your ability to borrow money.
Rainy Day Fund
Make sure you have an emergency fund of at least 6 months worth of your expenses.
Write down what all of your sources of income will be and make sure it will be enough to cover all of your expenses that you noted above.
Meet with a qualified retirement planner to go over your investment strategy. Moving forward your focus will probably shift a bit, from asset accumulation to income and inflation.
Next review your estate plan including all wills and trusts. These are very important documents that you should have in place.
Time are changing, many people are working much later in their lives than they used to and some are doing it by choice because they love what they do. Make sure to speak with your financial planner to discuss all of your options and see what works best for you.
Here’s What To Do Next…
Find out how you can take charge of your retirement plan. Speak to a Calvert Investment Counsel advisor today by calling 410-435-3270 or click here to request a call back at a convenient time.
We will provide answers to all of your financial and retirement planning questions.