Gearing up for Retirement and Family Time
"Gear Up for Retirement and Family Time: Your Year-End Financial Guide”
As the year winds down, if thoughts of retirement and cherishing more moments with family are on your mind, it's an opportune time to reflect on your financial strategies. Here's a guide to help you navigate:
1. Investment Portfolio Reflection:
- Are your investments in line with your envisioned retirement or work optional lifestyle?
- Now that you’re entering the critical distribution stage (rather than the accumulation stage), do you need to review and assess your portfolio?”
2. Tax Considerations:
- Have you done a recent tax review that takes you into your retirement years? Engaging with a tax professional might provide insights tailored to your situation. The less you pay to Uncle Sam, the more money you have to enjoy.
3. Insurance Overview:
- Now might be a good time to review your insurance coverages, such as health, life, and longterm care. Ensure they resonate with your current needs and future aspirations.
4. Dream and Budget:
- Dreaming of a European family getaway or mastering a new hobby? Crafting a personal spending plan can be your guide for everyday expenses as well as making those dreams come alive.
5. Estate Planning Insights:
- Estate planning is about crafting a legacy in line with your values. It might be beneficial to periodically review and update your will, trust and any other related documents. It’s amazing how fast they can become out of date.
So, as the year races to a close, make sure you're not just a spectator. Jump into the driver's seat and steer your way to a thrilling retirement and spend more time with friends and family.
*Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.