Planning for what’s next – Living in retirement

Living in retirement can last decades as life expectancies continue to increase. You will need to plan for different stages of retirement – starting with when you are relatively young and active through your later years when you may find yourself slowing down, both physically and mentally.



  • Continue to reinvent yourself

Whether through physical activity, staying socially connected, or by learning something new, engaging in physical and mental activities encourages your health and well-being as you age.

  • Retirement can mean continuing to work

Find something you enjoy whether it is part-time, an encore career, or volunteering.



  • Keep and eye on your budget and your income

Stay fiscally flexible. Be prepared to make adjustments to your spending and your lifestyle. Financial conditions are seldom the same year after year.

  • Review your asset allocations

Be sure that your investment portfolio reflects your age and risk tolerance. Remember, generating retirement income from investments is not the same thing as growing your investments.

  • Monitor your situation regularly and adjust if conditions warrant

This is especially critical in terms of distributions and regular income payments from your accounts, so you can ensure your savings sustain you through your later years.

  • Be proactive in your tax planning

Plan ahead and understand the tax implications of your investment decisions. Consider getting money to your heirs of your financial situation allows.

  • Mange debt

Pay down your debt, including your mortgage.

  • Consider getting professional financial advice

An objective third-party review can be critical at this stage and may assist you in developing a sustainable withdrawal strategy.



  • Make a plan for your future medical expenses

Healthcare expenses can be large or small, expected or unexpected. Think ahead to line up the income you need to meet these expenses.

  • Review your situation regularly

Evaluate your current and potential future healthcare needs, and determine whether private health insurance (or your current cover) is appropriate.



  • Review your estate plan
  • Who do you trust?

Establish powers of attorney in case you are incapacitated.

  • Have a family meeting

Openly discuss your finances in the event that you can no longer manage your own affairs. Educate adult children regarding treatment of your asset upon your death.



  • Elder financial abuse is a growing problem

Take steps early to protect yourself. Consider confiding in relatives or a trusted friend regarding your financial situation.

  • Review and assess

Confirm that all beneficiary designations are in place and that you have a proper will, or other estate planning tool, to ensure your money goes where you want it to go.

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