So, You're Thinking About Retirement?

The word "retirement" means different thinks to different people. Regardless of the vision you have for your retirement, it's an event that can produce much satisfaction when you have a plan for what a successful retirement will mean to you. Without this plan,retirement can become a period of anxiety, as you worry about whether your finances can sustain you through a potentially long retirement.

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With the average life expectancy reaching 90 years old and higher, here are several strategies that you can employ to help avoid running out of assets.

Eliminate Debt:     Before you retire, eliminate all major debt. Otherwise, in order to make debt payments, you may be forced to liquidate assets at inopportune times, such as during a falling market.

Purchase Guaranteed Income:     If your monthly sources of retirement income are not sufficient to pay your anticipated monthly expenses when retired, consider using a portion of your retirement nest egg to purchase an income annuity that guarantees to pay you a lifetime income. Ask Erika about guaranteed income annuities.

Limit Withdrawals:     It's generally a good idea to limit the amount you withdraw from your retirement nest egg in the early years of your retirement to avoid running out in the later years.

Continue Working:     In order to preserve your retirement assets until later in retirement, you may want to continue working on a part-time or consulting basis.

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Retirement Income Needs Checklist

A critical step in determining if you can retire is to first assess your income needs in retirement. There are plenty of "rules of thumbs" when it comes to estimating retirement income needs. One thing, however, is certain...you're the only one who can determine how much income you'll need in order to sustain your preferred retirement lifestyle.

Retirement Income Organizer

The Retirement Income Organizer will give you a relatively quick reading on your financial readiness for retirement. The purpose for this tool is to assist you in developing a realistic retirement budget, identify the sources of monthly retirement income available to you and to reconcile your retirement budget with your retirement income.

Creating a Retirement Paycheck

In Order to create a retirement paycheck that will last a lifetime, there are a variety of strategies you can employ. While this section briefly reviews some retirement income strategies, you should consider meeting with Erika James and she can assist you in developing a retirement plan that is tailor-made to your needs.

Transitioning into Retirement Checklist

Fill out the "In Preparation for Retirement" and "Before You Actually Retire" Questionnaire to make sure you are on the right track to Retirement.

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Information from VSA's Life Guide: So, You're Thinking About Retirement?