Monitoring your retirement accounts
As you enter into the retirement stage of your life, you may be tempted to think that your financial planning is over. However, this is the time when you need to maintain and manage your finances the most! Once you have retired, you need to be constantly reviewing and revising your investment choices and spending habits. If you don’t feel comfortable monitoring your accounts and investments, consider contacting a financial advisor for assistance.
Living the retirement of your dreams
Here are some helpful tips to consider as you enter into retirement and once you have already retired:
- Attempt to have all debt eliminated before retiring.
- Before retiring, make sure you have enough saved up so that you feel comfortable and secure with the style of retirement you wish for yourself.
- Contact a tax advisor to find out about withdrawing from an IRA or 401K Account, and other retirement activities that may affect your tax filings.
- If you start having financial trouble in retirement, you either need to cut back your expenses or increase your income.
- You can increase your income by changing the way you are investing your money, such as through certificates, bonds, stocks, high-yield savings accounts, etc. Many retirees are also taking on part-time jobs as consultants, and relocating to areas with a lower cost of living.