Preparing for Retirement

Retirement may seem like a lifetime away, but it’ll sneak up on you faster than you think. You’ve worked hard your whole life so that you can relax and enjoy your retirement. And you should; you deserve it. But in every life milestone there comes a bit of preparation and with the right person to help guide you, you won’t be far from the mythical land of retirement.

There are several things to consider before you plan to retire, and it will be less overwhelming to straighten out your arrangements beforehand.

  • What are your retirement funding options?
    Chances are you are already enrolled in a retirement plan through your employer. But are there supplemental retirement programs you should be considering?
  • Reduce your Debt
    You won’t want to spend your retirement worrying about debt and payments. Take care of them now  to relieve stress in the future.
  • Creating your retirement strategy
    What are your financial goals? In order to achieve them, you must first discover them.
  • Map out your retirement income
    Your retirement income can be comprised from: social security, pension plan, 401(k) or 403(b), IRAs, Roth IRAs, personal savings and investments, annuities, life insurance or continued employment. Determining these incomes now will help budget your needs now and in the future.
  • Where will you live?
    Asking this will help you determine the expenses that will follow the location you choose. Is the place going to need extra attention?

A North Star Financial Advisor can help you recognize and calculate your finances to help prepare you for retirement. Breaking down your income and expenses can sometimes help visualize how far you are on the track to sunny beaches and endless tee-times. Talk to your North Star Financial Advisor today.