Financial Planning Tips for a More Relaxing Retirement

Retirement is your reward after a long career of hard work. The dream is to live a life of leisure with the freedom to explore your hobbies. Without regular income, however, you may have some anxiety about your finances. Making sure you have enough money saved, consolidating your accounts, scheduling your withdrawals, and sticking to a budget are just a few ways your financial plan can help you enjoy retirement.

Are You Ready for Retirement?

Retirement is a big step and it’s important to make sure you’re financially ready. Don’t just leap into retirement! Have a financial plan laid out so you can be fully aware of what day-to-day costs and out of the ordinary expenses you can expect. Using a retirement calculator will give you a rough idea what to expect. If the numbers aren’t in your favor, you may have to work longer, take on post-retirement employment, or adjust your lifestyle expectations. With life expectancies rising, you need to plan for the long-term.

Have You Scheduled Your Retirement Withdrawals?

If your retirement funds are tied up in investments or in a 401k, they’re at the mercy of market fluctuations. When things are good and the market is strong, it’s great, but downturns do happen. A down stock market is one of the worst times to pull money from a 401k, IRA, or brokerage account because you risk locking in the market loss. As you prepare for retirement, it’s important to have a strategic reserve in a high rate savings account or money market fund to help avoid losses due to pulling from your retirement fund during tough economic times.

Did You Budget Your Financial Plan?

Just because you’ve retired doesn’t mean you can toss away your budget. It’s especially important when you no longer have money coming in that you maintain your budgeted expenses and plan ahead for the unexpected. Look over your current lifestyle, identify areas where you may be able to cut back, and then keep an eye on things over the long term so you’re not living beyond your means.

Are Your Accounts Consolidated?

Knowing where your money actually is can help make your retirement years a little more relaxing. Changing jobs – with different retirement plans – can lead to multiple savings and retirement accounts. While it’s good advice to avoid keeping your financial eggs in one basket, having dozens of accounts spread out over multiple banking institutions can lead to headaches and make it difficult keep track of everything. Rather than having multiple 401k accounts and savings accounts at different banks, consolidate them so you not only know where your money is, but can easily access it in times of need.

Talk to Our Experts in Ann Arbor to Get Started on Your Financial Plan

At Imber Wealth Advisors, we can help you create a financial plan that allows you to fully prepare for every aspect of retirement. We’ll work with you to make sure that you have enough money set aside, how and when to withdraw funds from your retirement account, ensure your budget is in place, and make sure your accounts are consolidated. Contact us or give us a call at (734) 769-1719 today. We’ll be happy to discuss your current financial situation and help you prepare for retirement.

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