Retirement Readiness: Six Things to Keep in Mind

3 min read
Life Events
Feb 9, 2021

Retirement Readiness: Six Things to Keep in Mind

Whether you are approaching retirement next week or want to jump on the planning train early we’ve got some things for you to keep in mind.

As you approach the glory days of retirement your spending habits will shift from saving to spending, and all of sudden that money you’ve been saving will need to be used to keep up the fabulous lifestyle you’ve built for yourself.

What does it look like to go from a saver to a spender?

Here are some important things to consider:

  • Taxes - Nobody loves them, but we’ve all got to do our part paying them. You have money in your 401k, IRAs and other tax deferred savings accounts. Now it is time to withdraw those assets. With Farther, we will help you understand the taxes in accordance with your tax bracket and what that means for expenses. 

  • Asset Allocation - Now that retirement is approaching or here, your Farther financial advisor will take the responsibility to make sure that money lasts through market fluctuations and withdrawals.  We will devise a plan taking into account your particular circumstances and provide the best course of action.

  • Expenses - Calculating how much you need to live off of is like a complex algebra equation that you learned about in school, and now those math skills live in an abyss somewhere in your brain. This is where a financial advisor can step in, and figure out exactly what you need and how to make the most of that money. Which day of the week do people spend the most money? Saturday. Our plan for you starts with the idea that every day is a Saturday in retirement. We will help you understand your budget and how to make the most of that sweet retirement.

  • Income - We’re already predicting your sweet retirement life, which means we need to get creative with your income stream. Your Farther advisor will work with you on generating an income stream without having to work. We think about the best way to get you returns without taking on unnecessary risk and allowing you full transparency to where your money is invested through our enhanced digital platform. 

  • Life Events - To say that “things happen” is an understatement. As we get older there are certain needs that are important that we provide to our clients in retirement. Trips to the doctor, long term care, medication, etc. These are not always provided through your insurance and we want to plan for those events. Let us give you peace of mind through retirement that you won’t have to worry about the what if, or be susceptible to large unexpected costs. 

  • Estate Planning - Your money is your money. You have worked hard to build it, live off of it and preserve it. But how do we plan for asset transfers? Estate planning can be very complex or it can be very simple. We will evaluate your accounts to ensure that they are set up properly for the least amount of work or costs to your beneficiaries.

  • Live the good life - With a Farther advisor by your side we will get you set-up with the right accounts, investments and plan so that you can live the good life. We take out the worry, the guessing and the nervousness that many people experience. As your trusted fiduciary, we will be there with you so that you can fully enjoy your retirement.
Just like that, you are ready to live the good life. If you are looking for more advice, tips to making those dollars stretch, and to make sure you are on track for retirement. Schedule a meeting with a Farther advisor.

Bryan D'Alessandro, CFP

SVP Financial Advisor @ Farther

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