Blog

Reboot, Rewire or Retire: Personal Experiences With Phased Retirement and Managing a ‘Life Portfolio’

This 78-year-old former actuary and retirement consultant shares her personal insights on the four key areas for success in retirement. Be prepared to help clients make more than just the financial transition.

Much of the confusion of retirement planning has to do with folks not understanding that it's more than simply saving. Good planning involves actionable steps to visualize getting from now to the desired tomorrow. Here are six ways to make that idea a specific, detailed plan towards a retirement date you can live with:

Women need to plan for an independent retirement. Statistically speaking, women live longer than men.¹ U.S. census figures show that 59 is the median age of widows. So, a widow can anticipate another 25 or more years of living and retirement expenses. 

While you and your trusted retirement professional will work to create an overall retirement strategy, this does not mean that you won't need to make changes along the way.

So, the question remains: When should you revisit your retirement strategy?

Some retirees succeed at realizing the life they want; others don't.

Fate aside, it isn't merely a matter of investment decisions that make the difference. There are certain dos and don'ts – some less apparent than others – that tend to encourage retirement happiness and comfort.

Retire financially literate.

Early retirement may seem like a dream come true. However, you need to be well prepared if you want to retire early. If you’re not prepared, you might run into complications. Here are a few things to consider before retiring early that no one talks about.

Will You Have Enough Money for Your Entire Retirement?

Retirement is an exciting life milestone that requires careful planning and budgeting. For military families, it requires even more knowledge, because you need to ensure that you meet all the military's qualifications and that you are taking full advantage of any veterans benefits coming your way.

Sixty-five percent of college seniors graduating from private or public college have accumulated student loan debt.1 That debt averages out to around $28,950 per graduate.2 And while student loan debt is a burden to any graduate, it can have a surprisingly negative effect on HENRYs, or those considered to be a high earner, not rich yet.

When you want to stash away some of your money, it’s likely you’ll turn to the account options provided by local banks and credit unions. While it’s common to open a checking and savings account for easy access to your cash, it’s important to consider all of your options - including money market accounts (MMA).

As many parents start ramping up their retirement planning efforts, their children are also preparing for an important next step in their lives: higher education. It may seem overwhelming to manage both at once, but it’s important to face some very hard decisions. If you’re thinking about tapping into your retirement accounts, ask yourself a few questions: