By Krista McBeath, McBeath Financial Group
It seems that since we were toddlers, the words “Get ready!” have been ringing in our ears. I know as a mother of a fifth-grader, helping our daughter get ready for school is a daily chore! But I’m often told life flies by, and it won’t be long before she’ll be getting ready to head to college. Shortly after that, she will be getting ready for her first job, and maybe soon after, there will be wedding preparations. It never seems to end.
But that simple phrase can mean many things, depending on where you are in life. Throughout life, it seems we are always getting ready for something.
To quote Ferris Bueller, “Life moves pretty fast.” Life events seem to happen overnight and well before we are ready to face the reality that our next phase of life is upon us.
Often people don’t even see the signs in front of them that it’s time to get ready. Sure, you may spend years dreaming of retirement, but do you really know when it’s time and if you are ready? In my experience helping people prepare, there are three significant indicators that you are prepared to pull the trigger and happily begin your retirement journey.
Achieved Career and Financial Goals
Retirement readiness often aligns with reaching specific career milestones and financial stability. It’s not just about age or years in the workforce; it’s about feeling a sense of completion or readiness for a new challenge. This could mean having sufficient funds for a comfortable retirement or simply reaching a point where the desire for career achievement shifts towards a desire for personal fulfillment and leisure.
Understanding of Retirement Goals
A clear vision for your retirement lifestyle is equally important. Consider what activities and pursuits will fill your days and bring you joy. From hobbies and travel to spending time with family and friends, having a plan for how you’ll spend your time is vital for a fulfilling retirement.
Comprehensive Retirement Plan
The final sign you’re ready for retirement is having a comprehensive retirement plan in place. This plan should account for various factors, including inflation, healthcare costs, and changes in lifestyle expenses. The goal is to ensure that your savings and investments are aligned with your retirement objectives, providing financial security throughout your retirement years.
The Stages of Retirement
Now that you’ve identified the signs indicating you’re ready to retire, the next important question arises: How do you “get ready” for each of the phases of the retirement journey ahead?
The McBeath Financial Group team has guided many through the retirement process, and we recommend an evolving comprehensive plan that’s aligned with the critical needs for each of the retirement phases.
Pre-Retirement Planning: This is the stage where you lay the groundwork for a secure retirement. It involves aligning your financial resources with your future goals and beginning to imagine the lifestyle you wish to lead once you stop working full-time.
Transitioning into Retirement: As you step into retirement, navigating the change from a regular work routine to a more flexible lifestyle is crucial. We provide guidance on managing finances during this transition and help you adjust to the new rhythm of life that retirement brings.
Early Retirement Adjustment: This phase is about settling into your new life as a retiree. It involves tweaking your financial plan based on actual expenses and exploring activities that bring fulfillment and joy to your newfound freedom.
Longevity Planning: Longevity planning is crucial for ensuring that your resources last throughout your retirement years. We focus on strategies that address life expectancy, healthcare costs, and other factors that impact your financial stability over the long term.
Senior Living Planning: Planning for senior living involves considering factors like housing options, healthcare needs, and maintaining an active social life. These are important considerations to ensure comfort and quality of life in the later stages of retirement.
Estate Planning: Finally, estate planning helps in preparing for the legacy you wish to leave. This includes establishing your estate and trust plans, wealth transfer strategies, and ensuring that your wishes are well-documented and understood.
Retirement introduces a pivotal “get ready” point in life, that evolves through many stages. Throughout, it can present an opportunity to celebrate past successes and gear up for new adventures. The right preparation at each stage helps create a retirement that is as stable as it is enriching, allowing you to fully embrace each chapter of your new life.
McBeath Financial Group is dedicated to helping our clients navigate the various stages of retirement, blending careful retirement planning with effective asset management. Whether you’re starting to plan for retirement or adapting to its later stages, we tailor our approach to match your individual goals and needs. Our team is here to provide financial guidance and support throughout your retirement journey, helping you every step of the way.
McBeath Financial Group’s CEO, Krista McBeath, is an Investment Advisor, Chartered Financial Consultant, a Licensed Insurance Advisor, a Fiduciary, and an experienced tax advisor who specializes in financial planning, investments, and insurance. For more information or to make an appointment, call 309-808-2224 or visit www.mcbeathfinancial.com.
Advisory services are offered through Landmark Wealth Management Inc, dba McBeath Financial Group, an Illinois Registered Investment Advisor firm. Insurance products and services are offered through McBeath Tax and Financial Services, LLC. McBeath Financial Group and McBeath Tax and Financial Services, LLC. are affiliated.
