Your Financial Life Cycle Series: Aging with Grace


Your Financial Life Cycle series is about building the life and the future you want. It’s about taking advantage of what life has to offer while at the same time sidestepping the pitfalls and overcoming the challenges that come with the journey. However, as we age, our priorities change. Our hard work and planning ultimately boils down to our ability to spend time with loved ones, realize our dreams, and live healthy lives–to enjoy the fruits of our labor.

Time seems to pick up the pace as we get older, but one way to stretch out these years is to sit down and discuss the evolving needs of our families and ourselves as we approach retirement. It’s easy to envision the ways we’d like to spend our time once retired, but getting there takes planning and guidance from your trusted CERTIFIED FINANCIAL PLANNER™ professional:

Streamline Your Retirement Plan:

  • There are multiple ways to save for retirement but depending on your base income, profession, and your specific retirement goals, some methods may be a better fit. Make sure you’re leveraging the best option(s) for you and your family by meeting with your trusted financial partners, such as your financial advisor, CPA and lawyer.
  • Are you currently maximizing your employer’s 401k plan? Missing out on the opportunity to capture the full benefits of your employer’s matching contributions to your retirement is like leaving money on the table.

Project for Your Lifestyle Goals:

  • Trying to predict the cost of living in the future is no easy feat. Inflation, increasing healthcare costs, and tax bracket adjustments are just a few of the variables that affect building a proper budget around your future needs. You’ll need to consider all of these elements as you save for retirement.
  • Knowing how much money to take and which funds to utilize when you’re retired will help protect you from income shortages or tax penalties. For instance, you’ll need to calculate your Required Minimum Distribution for your IRA or multiple IRA accounts.

Voice Your Wishes:

  • Oftentimes as age affects our mobility, health, and independence, we begin to feel less in control of our lives. That doesn’t have to be the case. When the time comes, your family will want the best for you just as you’ve wanted the best for them. Help the process by advocating for yourself now. Discuss everything from your preferences in healthcare to where you have your important paperwork organized. Taking the lead on these tough conversations early helps ensure your wishes are followed in the future.
  • Elder abuse is a real threat as we age. Fully vetting your team of advisors, whether it’s your financial advisor or potential caregiver, is well worth your time.

This is your life. You have the opportunity in each stage of the financial life cycle to re-evaluate your current position and determine whether you’ve taken the necessary steps toward reaching your goals.We hope this series has raised some questions that you may not have previously thought about, whether you are just starting to build your career or preparing for retirement.
If you missed the earlier articles in this series, you can find find the them at Building Your Nuclear Family and Meeting the Discomfort of “What If?”

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