You have worked your entire life with the goal of spending your retirement years living your best life. The planning is done, the money is saved, and you are ready to transition to the next phase. Now what?

Don’t worry – you aren’t alone. Most people reach retirement asking that same question. We all have specific retirement goals, ideas, and financial circumstances that make us unique. However, there are some things that apply to everyone  about to retire. Here are some basic tips for retiring now.

Social Security

When will you take social security?  When you stop working can affect how much social security money you’ll receive and how long you’ll receive benefits. Sit down with an expert and run the numbers. Deciding which age to take your benefits can big a big deal. Getting this big decision right can affect other decisions related to retirement income.

Where Will You Live?

Do you have a retirement destination in mind? Will you stay in your current home? Many retirees choose to downsize a bit,  move into a smaller home, and use that money for extra retirement income. Others may move to another state where the tax situation is more favorable for living on a fixed income. 

Speak with Experts

Chances are, you have your retirement and savings money in various accounts. Speak with an expert and determine how to position those funds to provide a steady stream of income. Retirement planning experts like Blue Waters Financial Group can make your goals a reality. Protecting your capital and planning against inflation keeps you from outliving your money. Fixed annuities, for example, are a great way to position your money to grow while providing monthly payments. This is just one of the many ways you can have your retirement savings protected while supporting your retirement goals. Also, consolidating accounts can save money spent on fees. We are here to look at your total picture and guide you through these decisions.

Budget

When you retire, you will be living on a fixed income. Setting up a long-term budget will not only help you prepare for life during retirement, but help you organize your retirement funds.

Consider putting retirement money into “buckets” that represent the money you need now, the money you’ll need soon, and the money you’ll need in the future. Organizing your retirement income this way can ensure you’ll have money to live on while still enjoying your retirement life goals.

Trial Run Budget

You’ve crunched the numbers and know your monthly retirement income. What will it be like to live on this budget? Consider living on this budget for a few months so you can adjust. This will also be a good test to see if you are truly ready for retirement and a fixed income.

Update Estate Plans

Now is the time to have your affairs in order. Estate plans are more than wills – they can include medical directives and long-term care plans that communicate your wishes. Taking control of these issues now can lead to less worry during retirement.

Enjoy It

You’ve planned for this moment since you saved money from your first paycheck. Don’t lose sight of the fact that this is your time to do what you want to do. With proper planning, you can take that dream vacation or relocate to your dream location without worry. This is what you worked for, so by all means, enjoy your life!

Blue Waters Financial Group specializes in retirement income planning, insurance products and annuities. Let’s discuss your financial future and retirement goals. To schedule your no-obligation meeting, just click on our contact page or call us today at 704-790-2583 (BLUE).