As we ring in the New Year, now is a great time to be reflective and take stock of your long-term aspirations and goals. With that in mind, here are some things to consider regarding your retirement, whether that be in the not-too-distant future, or further down the road.
Retirement As Viewed Through Your Eyes
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- How do you picture your future
Some people view retirement as a time to start a new career. Others see it as a time to travel the world. Still, others plan to spend more time with family and friends. Or perhaps you are hoping to balance a combination of all of the above.
- What do you absolutely need to accomplish?
If you could only get four or five things done in retirement, what would they be? Answering this question might lead you to compile a short list of life goals, and while they may have nothing to do with money, the financial decisions you make may be integral to pursuing them.
- What would revitalize you?
Some people retire with no particular goals at all. After weeks or months of respite, ambition may return. They start to think about what pursuits or adventures they could embark on to make these years special. Others have known for decades what dreams they will follow, and yet, when the time to follow them arrives, those dreams may unfold differently than anticipated and may even be supplanted by new ones. In retirement, time is really your most valuable asset. With more free time and opportunity for reflection, you might find your old dreams giving way to new ones.
- Who should you share your time with?
Here is another profound choice you get to make in retirement. The quick answer to this question for many retirees would be “family.” Today, we have nuclear families, blended families, extended families, and some people think of their friends or their employees as family, as well.
- How much do you anticipate spending?
We can’t control all retirement expenses, but we can manage some of them. The thought of downsizing your home may have crossed your mind. One benefit of downsizing is that it can potentially lead to no mortgage or a more manageable mortgage payment.
- Could you leave a legacy?
Many of us would like to give our kids or grandkids a good start in life, but leaving an inheritance can be trickier than many realize. Tax laws are constantly changing, and the strategies that worked years ago may have more limited benefits today.
How are you preparing for retirement?
This is the most important question of all. If you feel you need to prepare more for the future or reexamine your existing strategy in light of recent changes in your life, conferring with our CFS* Financial Advisors who are experienced in retirement approaches may be able to offer you guidance and perspectives.
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*Non-deposit investment products and services are offered through CUSO Financial Services, L..P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the Credit Union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to Credit Union members. The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2023 FMG Suite.