An important activity at the beginning of retirement is to simplify finances. This could mean reviewing your investments, arranging you documents and finances for your future and ensuring that they are updated and accessible.
Budgeting becomes the focus of finances once again during retirement. The object now is to control expenses and stay within the available income. Managing investments to generate income and protect your wealth from inflation will become a primary investment activity at this stage.
Having adequate health insurance by this stage should be considered since health care and costs could have a financial impact on your retirement income. Life insurance may be relevant only if it is required to protect retirement income for the spouse and debt should not be a big part of your finances at this point.
Other goals may include turning your retirement savings and pensions into income, managing your savings and investments and estate plans.
Getting the right advice to ensure you are as prepared as possible at this stage will make all the difference for the retirement years ahead.
Our 6 stages to financial success:
Identify your current financial situation
Work with you to define your financial goals
Assess your current financial situation
Provide individual personal financial analysis
Recommend and implement your financial plan
Meet annually to re-evaluate and monitor your plan
At Red Dot our duty is solely to you- our client. We can help you, your family and business with expert independent financial planning and take the time to understand your needs and goals. Planning for your future and building your wealth, protecting you and your loved ones and your business, is what we do. To see how we can help, please contact us today.
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