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NAVIGATING RETIREMENT: PLAN TO MAKE THE MOST OF EVERY PHASE


No matter what your age, retirement planning should be a part of your financial plan so that you’re prepared to make the most of this rewarding phase of life. In this overview of the “Navigating retirement” series, we outline the most common priorities to focus on—and missteps to avoid—when planning for your post-work years.

PLANNING MAKES PERFECT

A happy and fulfilling retirement starts with the right financial plan . With your financial planner, create a detailed and realistic plan by:

  • Determining your financial and other life goals

  • Understanding the cost of meeting your goals, taking into account your other life expenses and the resources you anticipate having

  • Creating a plan that addresses every aspect of your financial situation, to meet your changing needs through all the years of your retirement

If your goals and projections are at odds (for example, if you’re not sure you’ll have enough money to meet your goals), talk to your planner about considering adjustments such as:

  • Working longer prior to retirement

  • Working part-time in retirement

  • Saving more prior to retirement

  • Spending less in retirement

Even in retirement, your financial situation isn’t static. Review regularly with your planner to be sure your plan is still addressing your current and future needs.

MAKE THE MOST OF EACH PHASE OF RETIREMENT

Once a viable plan is in place and the time is right, make the most of each phase of retirement:

  • Active and less active lifestyle

  • Getting help

  • Long-term care

AVOIDING MISSTEPS

Planning ahead is your best strategy for realizing the retirement you’ve envisioned. Waiting until you retire to realize you lack the resources to fulfil your wishes can make for a disappointing future. To enjoy every stage of your life, keep these guidelines in mind:

  • Plan for retirement with the help of a professional financial planner.

  • Check in with your planner often to be sure you’re on track and make adjustments as needed.

  • Feel confident in your plan and enjoy yourself.

Discipline is what it takes to block out the noise, commitment is what it takes to walk the path to financial success and patience is what it takes to reach the goal.

Clement Chung, CFP, CLU

Certified Financial Planner

www.clementchung.com