Talk with a financial professional
Your financial advisor is your sounding board to 1) give you confidence that you can retire or 2) give you constructive criticism of possibly delaying retirement to help position you so you don’t have to go back to work. He/she can help you figure out which accounts you may want to withdraw from, how much to withdraw, and how long your money may last.
No one can say with 100% certainty what there life is going to look like 5 years out, much less 10 or 20 years. And some people living in their 60’s could live for another 25 or 30 years. So the number you really have to know isn’t how old you’ll be when you retire—it’s how much you’ll need. Then you and your financial adviser can develop a strategy to help you work toward that number
The first conversation you have with your financial adviser lays the cornerstone, so treat it like an interview. In this way, your financial adviser is like an architect, creating a retirement blueprint for you based on your needs and goals. With such a blueprint, your advisor can better assist you with charting out a retirement that matches your vision for your later years.
Your advisor can also act as an intermediary between you and your spouse when your ideas are not in sync and can help ensure that the plan you put in place will stay in place when one of you, particularly the financial lead person, passes away.
Guaranteed income is the key to retirement. Financial vehicles, such as fixed indexed annuities with lifetime income riders that guarantee steady, safe cash flow, should make up the foundation of your fiscal house. Then you can sprinkle in certain amounts of risk depending on your tolerance.
A good adviser will make sure the strategy is designed to evolve with you in your golden years. And as you go, he or she can help you find the tools to help you fill the gaps in your retirement plan. You’ll make decisions based on information instead of emotion. Your adviser will focus on a strategy for you not solely on products but what best fits your needs.
The goal is to build a cohesive strategy together that is designed to help you keep the lifestyle you had before retirement. Or, better yet, potentially provide you with the lifestyle of your dreams.
To many, retirement can be thought of as a phase in life. As with any phase, there will be many great memories made and precious time shared with those we care about most.
It’s never too early or too late to meet with the financial advisers and retirement planners at Hercules.