Your Financial Future, One Stage at a Time


Your Financial Future, One Stage at a Time

Planning for retirement is a big undertaking. Fortunately you don't have to build your financial future all at once.

June 24, 2015

It becomes much easier to manage your financial future when taken one stage at a time. Below are some tips to help you plan for the future, regardless of where you are today.

Laying the foundation – Be sure to create a plan that balances near-term needs with longer-term goals during your early working years. Balance spending and saving, manage and eliminate debt, set goals and be prepared for the unexpected by establishing an emergency fund with three to six months' worth of living expenses.

Growing your assets – As your life evolves and you near your peak earning years, you'll be faced with planning for multiple goals. Retirement will likely be at the top of the list along with other competing priorities such as saving for education expenses and supporting your current lifestyle. Plan and act accordingly by maximizing your employer benefits, selecting the right mix of investments for your situation and managing risk with appropriate insurance where needed.

Making the transition – Here you focus on knowing when to retire, the opportunities and the challenges that come with it, including healthcare and housing, caring for family, as well as how you'll generate income. Estimate when you expect to retire and begin mapping out your “exit strategy" that includes how you'll spend your time, incorporating Social Security and Medicare, streamlining your finances and creating an estate plan.

Spending your money wisely – Once in retirement, it's all about enjoying your life's savings while simultaneously preserving your financial resources. Work with your advisor for ways to potentially replace the money you draw down for income. By staying disciplined and maintaining open communication with your financial advisor, you better your chances of your retirement savings lasting as long as you need it to.

Looking to the future – With a diligent estate plan in place, you ensure that your loved ones are provided for when you are no longer able to do so yourself, protect your wealth for future generations and safeguard your legacy.

Life is a long journey. With some hard work, disciplined focus and professional guidance, you can ensure that each stage of your journey, and your financial future, is everything you want it to be.

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