What issues will you consider when retirement takes place?

What issues will you consider when retirement takes place?

April 27, 2019

Looking at expenses

As you go through this process it is work but it can be exciting and so much fun. Working with a CFP Professional to attain an opinion of your portfolio can be helpful full of new information and food for thought. Figuring how much you need to live each month helps you understand the big picture and how retirement income will affect your family and your lifestyle.

 Hobbies and travel

 As you consider making sure you have properly allocated for travel and fun you might like to make some of your travels to look at seeing where your families came from and finding your history and ancestry. 

 Retirement Income

 First, we must calculate and figure out your retirement income. This includes Social Security benefits: obtaining your current statements and calculating how long the money will last, making sure you get to do what you want.

 Other spending considerations

 You may also want a new car since you have always owned a used car. How much will it cost to visit your grandkids every three months and enjoy their adolescent years?  Seeing if you can provide help with your grandkids' education because you may have received help from relatives and want to help your grandkids. You may have been one of the first to go to college in your family and you want to pass it on forward and continue the education cycle making sure you break the poverty cycle.

 Taxes and Long-Term Care

 It’s beneficial to consider the tax consequences and ensure you have a basket of money for Long Term Care. What happens when you become frail and unable to do things for yourselves. The first thing to consider having problems with our six activities of daily living. (ADL’s) What are they:

 Dressing - The inability to put on your clothes without help and needing someone or something aiding you putting on your clothes.

 Bathing and Showering – The inability to bath or shower without standup help. Loss of balance and fear of falling especially when you wash your hair.

 Transferring – The inability to move from bed to out of bed, going from sitting and moving from place to place without aid.

 Toileting – The inability to sit and stand from the toilet. 

 Continence -

 Eating - all by ourselves without needing help.

 Cognitive Impairment -


 Money options

 Now the fun begins! You will sit down and check pension options and opportunities.  Should you take a lump sum or other options that are available? Discussing these options with a CFP Professional is an important task. 

 Once you have calculated retirement income options, travel, new car, kid’s visits and everything else you and your spouse want and need for your lifestyle, it’s time to pull the trigger and give notice to your employer and provide your decision to retire at your selected time.


 Working with the CFP Professional, you can have a comfortable plan called our Freedom Plan, to make good decisions throughout your Retirement years.  Selecting a professional is a lifetime partnership. Please select carefully.

 Need a Financial Planner? Contact us today!