Are You 10 Years From Retiring?: 5 Easy Steps for Retirement Preparation

By Teresa Milner, Wealth Advisor

Ladies … listen up!… there’s still time …

Ladies, if you’re nearing the retirement chapter of your life, listen up! Have you thought about what that time looks like? If you could paint a picture of this part of life, what would be included? Does your picture contain lots of color or is it grey? How will you be spending your time? What kind of lifestyle will you live? What are you passionate about?

Now is the time for you to really stop and look at what you’ve created for yourself. You still have time to plan! Women, in general, spend their lives taking care of others, to a fault. We have in our minds that if we take care of ourselves, we are being selfish. But I’ve come to see that if I don’t take care of me, how can I possibly take care of others in my life?

Future Plans Won’t Wait

Spring has sprung and we are busy spring cleaning. When it’s rainy outdoors, we don’t hesitate to take an entire weekend to clean out our closets and storage rooms. When the sun is shining, we spend hour upon hour in our gardens and yards cleaning up what was left from last season – getting excited for the beauty of the warmer weather. If you are willing to spend that many hours on this stuff each spring, why aren’t you willing to dedicate time each year for planning for your retirement and your future?

I had to learn to plan for my financial future the hard way. I was one of those women that trusted my husband was taking care of that part of our life.  That plan backfired when we got divorced. Our life no longer existed, and I was on my own to put together the pieces of my financial health. Planning for retirement was a challenge I faced one step at a time.

Listen up! While you still have time on your side, take action with this very important part of who you are. Get a financial plan in place so when you arrive at the time in your life that you no longer earn a paycheck, you can continue with the lifestyle you’re accustomed to. Don’t wait until you are 3 – 5 years from retirement to ask yourself, “What’s next?”.

5 Tips for Financial Confidence

You don’t want to be a retiree that says I wish I had, you want to be able to say confidently I’m glad I did! Below are 5 simple steps to do now to gain confidence and clarity as you plan for retirement:

• Know where your money goes. What comes in and what goes out. Are you living within your means? Where are you spending money that you should be saving for your future?
• Take an inventory of your household. This list should include all bank/investment accounts, your home, any business interests, all debt, the mortgage, etc. This inventory will give you a clear picture of your net worth.
• If you are employed, make sure you are participating in all benefits your company offers. This can typically be determined by speaking with someone in your HR department.
• Risk management is vital in planning for all the what-ifs life deals us. Know what insurance policies are in force – life, long term care, disability, property and casualty, auto, etc. You need to know that if something happens, you’re prepared.
• Work with a financial advisor you trust that has your best interests at the forefront. Your financial plan will be a living breathing document that your financial advisor should review with you on a regular basis. Because you are nearing retirement, make sure your advisor educates you on the risk you’re taking with your investments.

I encourage you to be a member of the I’m glad I did club! You still have time to plan for your retirement, so take action now! I’ve had enough experiences with clients to know this isn’t an area of your life to put off until tomorrow. Get in touch with an advisor to talk about a plan for your future that will give you confidence today.

Let’s talk!