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What to Consider at Retirement

June 20, 2019

Happy middle aged couple making a plan for retirement.Planning to make your funds last

As retirement approaches, you’ll look forward to having more free time. You’ll also be putting your retirement plan into action, transitioning from saving to managing and spending. 


Goals

We’re here to help match your retirement goals with a spending strategy. We start by analyzing plans you may already have, and offering advice for making adjustments based on your current resources and needs.

Factors to consider include: when you plan to retire, where you plan to live, and how you plan to spend your time.


Expenses

Once we know your goals, time frame, and plans, we can estimate your projected expenses. We can include items like establishing an emergency fund, ongoing health care, essential living expenses, and entertainment. After taking everything into consideration, we can make plans. 


Income

A retirement plan includes generating income from the assets in your retirement portfolio, and developing a strategy for withdrawing funds from various accounts in a way that maximizes your long-term income management. It may also potentially include reinvesting. 


Making Withdrawals

The goal is to have your savings last through retirement. Some accounts, such as traditional savings, offer complete freedom over the timing and amount of withdrawals. Others, especially tax-deferred accounts, have more restrictions, and some distributions may be reinvested to earn continuing income. We can help you choose the approach that best fits your budget and lifestyle.


Regular Checkups

Once you’re retired, we recommend regular “checkups” to ensure your plan is still meeting all of your needs. If your circumstances change, you may want to adjust your budget and strategy accordingly.


Getting Started

Make an appointment with a First Source Representative to work on your retirement plan. We’re here to help you make informed choices and Retire Smarter. 

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