• When do you want to retire and what will you do then?
• How will your expenses compare to those during your working years?
• What are your projected sources of income and will they increase with inflation?
• Are you covered for unexpected expenses such as long term care and serious medical illness?
• What is your goal for leaving assets for your heirs or charity?
Retirement planning is a process that should begin with the first day of work and is an essential element of every financial plan. Although younger people may see that day as far in the future, those who have reached retirement will often say retirement comes sooner than you think.
If retirement planning begins early, retirement is not an event but part of a process. When the date actually arrives, there are no surprises, and “the rest of your life” begins. Today’s retiree often lives many more years as a happy and productive citizen, having more time and experience than ever. Some choose to work part-time doing what they always wanted to do and others volunteer doing what is important to them. In doing so, retirees enrich the lives of people and organizations to which they devote their time, talent and treasure.
Retirement readiness is so much more than a mathematical calculation. It begins with a solid financial plan that is regularly revised and updated as you work with your Financial Consultant.
The best time to begin planning for retirement is today. If you would like to do that, we offer the following suggestions:
• To get started, contact Founders Investment Services at 866-739-7064 to speak or meet with a Founders Financial Consultant.
• Gather current statements of all your financial accounts, investment accounts and insurance policies.
• Prepare to discuss your values, goals, income needs and risk tolerance.
• Develop a list of projected income and expenses after you receive your last paycheck. Be sure to include periodic expenses such as homeowner’s and car insurance.
• Prepare to address health insurance coverage, especially if you will retire before age 65 when you are eligible to receive Medicare benefits. If you will be able to continue coverage with your employer, find out how much you will be required to pay. If you have long term care insurance, bring a copy of your policy.
• Determine whether your estate planning documents are up-to-date. These documents include your will or revocable living trust, your limited or durable power of attorney, your living will and your health care power of attorney.
Your first meeting with your Financial Consultant will be the beginning of a long-term relationship built on trust and mutual understanding. As time goes on, your Financial Consultant will come alongside at regular meetings on the road to retirement as well as each time you come to one of life’s crossroads where important decisions must be made. As you work together over time, you increase the possibility and probability of accomplishing your hopes and dreams over the course of a lifetime.
Securities and investment advisory services offered through Cetera Advisor Networks, LLC, Member FINRA/SIPC - Founders Federal Credit Union, Founders Financial Group, LLC and Founders Insurance Services are not affiliated with Cetera. Investment Services is a department of Founders Federal Credit Union. Registered Sales Branch located at 607 N. Main Street, Lancaster, SC 29720.
Not NCUA Insured - No Credit Union Guarantee - May Lose Value - Not Deposits - Not Insured by any Federal Government Agency.
This article was written by Kristen Davis Rhyne® with Founders Investment Services. It was published in Founders Transaction Newsletter (July 2013).