Toxic Money Thoughts. This can ruin even the biggest nest eggs. Ready to retire and just going for it without doing calculations is a mistake. You have your lump sum and decide, “I’m going to buy a motorhome and travel the country. I’m going to pay cash! I’m going to pay off all my debts”.
I’m not saying don’t. I’m saying look before you leap. Take an inventory of your current monthly expenses. Project into the future as best you can and incorporate the projection in your plan. Decide how much risk you can afford to take, then build a plan around your risk tolerances. Incorporate your Social Security, pensions, 401(k)s, IRAs, and whatever else you have. Calculate the best time to turn on your Social Security benefits. Run scenarios to figure out the best pension income option to choose from. Do you need long-term care insurance? Do you still need the life insurance that you have at work? Is downsizing your home a good idea? Maybe move to a one-story house just in case walking up the stairs gets too difficult. Dizzy yet? No worries. Starting is usually the hardest part. It just looks too overwhelming.
We, at American Retirement Advisors, are here to help. We provide this service to our clients, free of charge. I’m not kidding, and, no, there is no catch. We have a full in-house financial team standing by, ready to help. We assist folks through this process, culminating in a well thought out and expertly prepared Retirement Income Plan. This customized plan is presented to you in writing and fully explained. If you like it and need help with the implementation, we are happy to help. Either way, still no charge for building your plan. If you would rather start by attending our (for now, online) Retirement Income Planning workshop, no problem. This newsletter has our schedule and how to register. We hold them every month. Don’t want to do a workshop but want to get started? Just give us a call and schedule a financial appointment with your advisor.