Many retirees are not adequately prepared to handle retirement. They go straight from 40-hour work weeks to not knowing what to do. After a month or two of working on delayed house projects, they settle into a Netflix-induced coma. The lack of physical and mental stimulation can cause cognitive and physical impairment, which leads to further mental and health declines.
In order to avoid these common pitfalls in retirement, you will need a game plan. This will be one of the biggest transitions of your life, and it should not be attempted without proper planning. There are dozens of laws to be aware of, as well as important details relating to Social Security benefits, your investments, your budget, health insurance, life insurance, taxes, life goals, and leaving a legacy for your beneficiaries.
There are many things to consider when planning for retirement. This is a process that should be given the time and planning it deserves so that it is done once—and correctly. I once worked with an architect to design a building. We worked for about 18 months to raise capital, plan the building, and finish the construction. Throughout the planning of the project, his motto was “measure twice, cut once.” That’s what a good retirement plan should help you do—consider every alternative, and then implement the best option.
Throughout your retirement planning process you will benefit from having a trusted expert on your side, someone who specializes in knowing the tax laws and can help you maximize your investment returns for your level of risk.
When it comes to this all-important subject of your retirement you want someone on your side who can guide you through all of life’s important financial questions. Let us be your financial quarterback and help you come up with the best retirement game plan possible!
For help with your retirement game plan schedule a free consultation with us at American Financial Planning. Call or email today!