As you approach retirement, take some time to thoughtfully consider what shape this impending, life-changing event will take. Decide what retirement will look like regarding how much you work, what you spend on your lifestyle, and what milestones you want to achieve before it’s all said and done.
For pre-retirees or those in the early-retirement stage, the first step of creating or launching a retirement plan is embracing a new way of living. That can mean rethinking work, family, housing, travel, education, or all of the above.
Of course, it’s helpful to identify your long-term financial goals and ideal retirement lifestyle while in your highest wealth accumulation phase. You have time on your side, in terms of both health span and asset compounding.
Pre-retirement and during early-retirement years, planning is the name of the game. It’s time to dig deep, assess your financial situation, and imagine the life scenarios to come as you accumulate assets, maximize retirement contributions, and dust off your will, trust, and other legal agreements.
Build up your nest egg with additional funds to retirement accounts like 401(k)s, 403(b)s, and IRAs.
Maximize savings for future healthcare expenses with tax-deductible contributions, tax-free earnings, and tax-free qualified withdrawals.
After separating from service with an employer, take withdrawals from an employer-sponsored retirement plan, such as a 401(k), without incurring the usual early withdrawal penalty.
Take withdrawals from all types of retirement accounts, including employer-sponsored plans and IRAs, without incurring the 10% early withdrawal penalty.
Better early than late: Even if it feels uncomfortably premature to be thinking about how much you will be spending a year in 30 years, where you will be living as an empty nester, or what your assets will look like, creating your roadmap is a pre-requisite to retirement success – however you define it.
Plan ahead on ways to minimize taxes on retirement income and capital gains of investments.
Review and adjust your investment portfolios to ensure they are well-suited for your risk tolerance, investment horizon, and financial goals.
Start estimating retirement expenses to have a clear idea of how much needs to be saved and invested. Look at areas like expected healthcare costs and desired lifestyle.
Talk to a financial advisor about what early retirement or pre-retirement planning may look like for you. Get the tools & expertise you need to retire with confidence.
Spend some time with us to discuss your current situation and retirement goals. If we agree that we are a good fit for each other, we will progress to the next step.
We will gather relevant information from you, construct a blueprint and review it with you to discuss how we can work together. We then review our service offering and agree on a path to move forward.
Time to start working together. We will deliver your Retirement Policy Statement, open accounts, transfer assets (as appropriate) and set up our technology infrastructure. Your retirement blueprint is put into action.
We begin our ongoing planning and investment management. We will establish our communication plans and schedule of activities with you, so you know what to expect going forward. We will also establish a regular schedule to review and monitor your finances, check your progress toward your goals and make any necessary adjustments along the way.
Life is full of financial milestones. We pay for college, we get married, we start businesses. But the most important financial decision we will ever make is when and how to retire. Milestone Money helps you map success to and through retirement.
