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Retiring: Your Next Financial Steps


Retirement. The long-awaited days when you don't have to head off to work, instead spending your time golfing, gardening, traveling, volunteering or maybe moving on to your new career or part-time job.

But before you get too comfortable in your new routine, you have a few financial matters to address. Completing the following steps will help you stay organized. It can also help you enjoy your retirement to the fullest

Developing a Retirement Income Strategy

Once you've revised your budget, you and your financial advisor can work together to develop a retirement income strategy that can help you meet your current needs as well as help ensure that your savings will last as long as you need it to.

Consolidating Your Retirement Savings

One of the best ways to stay organized and on top of your retirement investments is to consolidate them into one IRA (if possible) or one financial institution at the very least. This can help you better track your progress toward achieving your life's goals, the performance of your investments and help you more efficiently manage your retirement income.

Updating Your Estate Plan

Retirement is a great time to update your estate plan, which needs to reflect the change in your life circumstance -- whether that means adjusting your life insurance coverage or purchasing long-term care insurance.

You may also want to consider the legacy you'd like to leave behind. Do you have children and/or grandchildren that you'd like to favor? Are there any charitable organizations you'd like to benefit? Have you considered the effect estate taxes may have on your heirs?

Revising Your Budget

Now that you're not working (or are working part-time), not only has your regular income changed, but your expenses have probably changed as well. It's time to take a closer look at your spending habits. You may find you're spending more on entertainment, food or traveling. It's important to track those expenses for a few months. This can help keep you from overspending your retirement income and outliving your retirement savings.

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