Will 2021 be your retirement year? And how do you know when it’s time to retire? For some, retirement comes at a milestone. Maybe it’s 35 years on the job or your 65th birthday, or maybe your goal is to retire when you have a certain amount in savings. Retirement is different for everyone, and it’s a big decision to make. You might not be ready on your 65th birthday, or maybe you’ll be ready before that. Either way, take the time to decide if you will retire in 2021 by answering these three questions.
Have you saved enough?
By looking at the expenses you expect in retirement and the number of years you will be in retirement, you can get a better idea of how much you will need. It would help if you also prepared for surprise expenses, the lifestyle you want to live, and factor in your tax burden. All of this combined can help show you how much you should have saved and if you are ready for retirement.
Do you have enough to do?
Transitioning into retirement is no small task. It’s important not to overlook how you will spend your time in retirement. Picking hobbies and things that interest you and planning different post-retirement activities gives retirees a sense of purpose. Volunteering can be a rewarding way to spend free time and can help develop new social connections and bonds with the community.
Do you have a plan?
Retiring without a plan is like driving with a blindfold on. It’s important to know your retirement goals and have a roadmap for how to get there; from how much income you need to generate to how you’ll minimize your tax burden. You can also take the time to review your investment plan at the beginning of the year to help identify what might need to change. We can help you create a comprehensive retirement plan based on your unique situation and recommend adjustments as needed. If you’re nearing retirement or retired recently, make 2021 the year you will prepare for the coming decades.
Maybe 2021 is the year for you to retire, and maybe it’s not. But after the hustle and bustle of the holiday subsides, it’s important to take some time to think it over. We can look at your portfolio and help you determine the right time to retire and how to do it. We can consider your financial situation and your lifestyle goals to help you feel secure in your decision. Schedule your no-cost, no-obligation financial review today to start the conversation.
The content presented is for informational purposes only and is not intended as offering financial, tax, or legal advice, and should not be considered a solicitation for the purchase or sale of any security. Some of the informational content presented was prepared and provided by Lone Beacon Media, LLC dba Lone Beacon, while other content presented may be from outside sources believed to be providing accurate information. Regardless of source no representations or warranties as to the completeness or accuracy of any information presented is implied. Lone Beacon Media, LLC is not affiliated with the Advisor, Advisor’s RIA, Broker-Dealer, or any state or SEC registered investment advisory firm. Before making any decisions you should consult a tax or legal professional to discuss your personal situation.
Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC.. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product.
