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Anna Downs Discusses Pre-Retirement Planning Tips

foreign [Music] this is retirement news online sandwich between your career's final chapter and retirement is a transitional period known as pre-retirement although there's no hard and fast rule for when this phase should start if you're not paying attention it could pass you by and leave you ill prepared for what comes next and joining me is Anna downs and she practices in Superior Wisconsin Anna welcome back so the first step is visualizing your retirement right a few beginning pieces of discussion is what does retirement look like for you do you want to travel that's going to create a need for an additional spending more than you are spending today what does your budget look like do you still have mortgage payments do you still have car payments there are several factors that need to be taken into consideration for us to really visualize what will retirement look like from there it helps us springboard forward in creating a plan together in layering the next steps so thinking about your clients how do you develop an income plan there is a step-by-step process that I utilize when creating an income plan for someone in retirement first we start with envisioning retirement some of the factors that we already discussed do you want to travel what does your budget look like at that point moving forward we talk about risk tolerance and longevity at that point we then consider your Investments that you have in putting together a plan that you feel comfortable with ultimately retirement can vary significantly amongst retirees it's important that you're working with an advisor that makes a plan customized to what your needs and desires are so an area that it's often overlooked by people getting into retirement are health care costs that's an important consideration right health insurance costs can be one of the biggest barriers for people to retire early it is important if you choose to retire prior to the age of Medicare that you have either a plan that's continued on from your previous employer or on your spouse's plan if not and you need to buy individual health insurance it is income driven this is something that has an additional cost that you need to be fully prepared for it's important to work closely with your health insurance agent your CPA and your financial planner when buying health insurance prior to Medicare age that's Anna Downs in Superior Wisconsin and this is return retirement News online [Music]

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