Retirement is a life event so many are excited about. Dreaming about how to spend your time when you get to make all the decisions can be fun. Remember to prepare yourself emotionally and mentally as well - it's a big change to go from structured time with responsibilities outlined to self-management.
IS ONLY ONE PIECE OF THE PUZZLE THAT MAKES UP YOUR FINANCIAL PLAN.
Relational Financing Planning
Planning to enter retirement is just the beginning. We want you to have relatively low stress when it comes time for you to use the money you've worked so hard to save during your working years. Let's make sure your paychecks will last throughout your lifetime. Retirement planning is one part of the financial planning process.
Frequently asked questions about this topic:
How will medical costs play into my retirement needs?
Medical costs can be unpredictable, and possibly substantial, as we age. Incorporating these assumptions into your plan can dampen the stress when they actually come into being.
What if I want to move when I retire?
When you're no longer tied to a geographical area due to work, you may find you'd like to be closer to family, friends, or that you just want a change of scenery and pace. It's common to re-evaluate where you want to spend your leisurely days in retirement.
Do I have to take Required Minimum Distributions (RMDs) when I retire?
You will have to take required minimum distributions (RMDs) out of your pre-tax qualified plans by April 1 of the year after you reach 72 years old.