top of page

It's Not Too Late For Retirement Resolutions

  • David Kilcrease, CEO
  • Jan 24, 2018
  • 3 min read

The first month of 2018 is behind us but it is not too late to take stock of various aspects of our lives. One of the primary areas that is commonly reviewed each year is personal finance. If you are thinking about retiring within the next few years or longer, you may want to create a resolution or two so that you can better plan for your non-working years. However, some people believe that it is simply too late for any type of plan to be effective or beneficial. While it is better to start preparing for non-working years early in your adult years, starting now is better than not making any preparations. These are some of the areas that you can resolve to address in the near future. Set Retirement Goals

Everyone has some dream about what their life may be like after they stop working in a full-time position. For some, the goal is to continue working on a part-time basis. Others want to travel, and some may simply want to be closer to family. A primary resolution should be to define your goals. Without specific goals, it is unlikely to properly plan for the future. After all, maintaining your lifestyle if you travel frequently may be much more expensive than if you stay close to home. Eliminate Debt

Another resolution should involve eliminating debt. Debt cannot usually be paid off quickly, so resolve to create a feasible debt reduction plan. When you pay debts off now, you can reduce the amount of income that is needed after you retire. For example, if you pay off your mortgage, car loans and credit card balances, you may be able to live on several thousand dollars less each month. By reducing the income that is required to live comfortably, you can feasibly retire with less money saved up. Of course, using those funds now may prohibit you from maximizing your financial preparedness for retirement. We can help guide you through these planning decisions. Prepare a Budget for Retirement

In addition to making a plan to eliminate debt from your life over the course of the next few months or years, you also need to prepare a budget for your non-working years. This budget will include estimated income from all sources after you quit working. It also will include reasonable estimates for expenses. Your planning should focus on cost-of-living adjustments related to inflation. If you plan to relocate to a new town after you retire, your budget should be realistic for that specific area. Update Insurance Coverage

Many people who are preparing for the future fail to take into account changing insurance needs after leaving the workforce. As you get closer to retiring, determine if you will continue to need life insurance. Analyze your need for different types of medical insurance and long-term care insurance. Each retiree is in a different position, so there is no catch-all rule regarding how much or what types of insurance you need to have. Remember to update your budget with the premiums for these various insurance products. It is also wise to take into account deductibles that are associated with each policy when determining how much money you will need. Some people are so discouraged by their late start at planning for this stage of life that they simply throw in the towel. However, you can see that your initial efforts in each of these areas can help you to get on the right path. Even though you think that you may be far behind others who are your age, you may be in a better position than you appear to be at first glance. When you make these important resolutions and start acting on them quickly, you can move forward with confident footing as you approach your non-working years. Call us at the number below if you need to review your current retirement plan.

 
 
 

Comments


Recent Posts

Archive

Follow Us

  • Grey Facebook Icon
  • Grey Twitter Icon
  • Grey LinkedIn Icon
  • LinkedIn Social Icon
  • Facebook Social Icon

DISCLAIMER

iInformational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your agent for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services.

This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.

 NO RENDERING OF ADVICE

The information contained within this website is provided for informational purposes only and is not intended to substitute for professional advice. In accessing this service, no client, advisory, fiduciary or professional relationship is implicated or established and neither Kilcrease financial,inc nor any other person is, in connection with this site, engaged in any professional services or advice. Internet subscribers, users and online readers are advised not to act upon this information without seeking the service of a professional. kilcrease financial,inc specifically disclaims any liability for any direct, indirect, incidental, consequential or special damages arising out of or in any way connected with access to or use of the website (even if kilcrease financial,inc has been advised of the possibility of such damages), including liability associated with any viruses which may infect a user’s computer equipment.

COPYRIGHT & TRADEMARKS

The trademarks, logos and service marks displayed on this website are the property of kilcrease financial, inc. Users are prohibited from using any of these without the written permission of kilcrease financial,inc. All content on the website is protected by copyright. Users are prohibited from modifying, copying, distributing, transmitting, displaying, publishing, selling, licensing, creating derivative works or using any content on the website for commercial or public purposes.

bottom of page