The financial situation you were in thirty years ago is far different from the financial situation you’re in now. You likely have different concerns and priorities. In this email, we’ve prepared a few considerations for clients in or around their 70s (and beyond) as they navigate retirement. The financial strategy we put in place is designed with all this in mind, but let’s talk if you have any questions or want to explore these topics in more detail.
Expect Health Concerns and Costs
To help defer the costs of a major health crisis, insurance may be an option to consider— whether that’s health, long-term care, or life insurance. From different types of insurance to all the important documents you should have in case of a health emergency, your finances in retirement can be a lot to keep track of. Ongoing conversations as we continue planning can help you make the best decisions for this stage in your life.
Think About Ways to Reduce Your Taxes
There are many strategies for reducing your taxes in retirement. Some people make larger life changes, such as moving to a more tax-friendly state. Some prefer smaller strategies, like being tactical about Social Security benefits and reassessing investments. Talking through your options will help us figure out what works best for you in reducing your taxes.
Watch for Spending Creeps
Retirement is full of free time where it can be tempting to spend money. As you adjust to having more time on your hands, it’s important that we continue to reassess your spending habits. Having a lavish start to your retirement could be costly if it doesn’t line up with your lifestyle and financial goals.
Reconfigure Your Budget and Cash Flows
Even if you have been retired for many years, it’s always a good idea to consistently check in on your budget. We can talk through a comparison of your spending strategy and income strategy or take a myriad of other approaches to making your budget work for you.
Finances will always be a learning process. You may make mistakes in managing your money, but it’s why we continue to work together and ensure you have a strategy in place. If you need assistance in getting back on track or you’d like to discuss further, be sure to contact the office.
This material was developed and prepared by a third party for use by your Registered Representative. 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. The content is developed from sources believed to be providing accurate information.
For discussion purposes only and in no way represents legal or tax advice. For advice regarding your specific circumstances, the services of an appropriate legal or tax advisor should be sought.
Managing Your Finances in Your 70s and Beyond
March 01, 2023