Thinking about how you’ll live in retirement is just as important as saving for it.
When I meet with a client for the first time, here are a few key areas we typically cover:
- Start with your expenses. What do you expect your monthly costs to be in retirement? Make a list that includes both fixed necessities—like housing, groceries, and healthcare—and more flexible or discretionary spending, such as travel or hobbies.
- List your sources of income. This might include Social Security, a 401(k), pensions, and any personal investments or savings. Knowing what income you can reasonably count on is essential.
With these two lists, you can start to see whether your assets align with your retirement goals. If they do, we’ll talk about safe withdrawal strategies to help ensure your money lasts. If not, we’ll explore the options available to help you close the gap.
If you haven’t begun thinking about retirement income yet, trust me—it’s worth carving out the time to do it.
Check out these helpful resources on retirement income planning, great reads no matter if you’re still building your nest egg or already have one in place.
6 Ways to Stay Ahead of Rising Retirement Costs
Building a Plan: Tax Strategies for Retirement Income
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Jared Skemp
Founder & President, Skemp Financial Services, LLC
Securities offered through Cetera Wealth Services, LLC, member FINRA/SIPC. Advisory Services offered through Cetera Investment Advisers LLC, a registered investment adviser. Cetera is under separate ownership from any other named entity.