{"id":7299,"date":"2014-01-03T08:47:22","date_gmt":"2014-01-03T16:47:22","guid":{"rendered":"http:\/\/www.marketriders.com\/investing\/?p=7299"},"modified":"2016-12-21T07:28:14","modified_gmt":"2016-12-21T15:28:14","slug":"financial-planning-retirement","status":"publish","type":"post","link":"https:\/\/www.marketriders.com\/investing\/financial-planning-retirement\/","title":{"rendered":"Financial Planning In Retirement"},"content":{"rendered":"

Most people look at\u00a0retirement\u00a0as the finish line, the point after which\u00a0financial planning and investing<\/a>\u00a0become moot.<\/p>\n

The reality is far different. Forty percent of baby boomers expect to work until they die, according to data from AARP. The very idea of “retirement” is up in the air, since many folks in their mid-60s cannot afford to quit work and might never do so.<\/p>\n

\"financial<\/a><\/p>\n

Here are some steps to help you approach financial planning in\u00a0retirement:<\/p>\n

1. Do estate planning now<\/strong><\/p>\n

Financial advisors regularly bemoan the fact that their clients operate under the presumption that they will never die. If you have any money at all, you have to have a plan in order to realize the\u00a0tax benefits<\/a>\u00a0of leaving it behind intelligently.<\/p>\n

At a minimum, an estate plan will give you a target, an end goal for whatever wealth you control, that helps you make better choices today.<\/p>\n

2. Figure out your income streams<\/strong><\/p>\n

The Social\u00a0Security\u00a0Administration will help you get a solid projection of how much to expect and what happens if you delay taking benefits. This can get tricky, so take your time on it, especially if you are in a two-earner household.<\/p>\n

If you have a pension or\u00a0annuity<\/a>, get a solid idea of your income from that. Now add in any work you continue to do and\u00a0income from your retirement savings<\/a>.<\/p>\n

3. Be smart about spending<\/strong><\/p>\n

Advisers often toss out broad numbers, such as 80% of pre-retirement\u00a0income. Your situation could be wildly different.<\/p>\n

If you\u00a0pay down your mortgage<\/a>\u00a0and have no other debt, your cost of living will be driven by health spending, taxes, food, insurance and travel. If you have major debts, however, things change.<\/p>\n

4. Review insurance needs<\/strong><\/p>\n

Around 60 or so, most term life policies convert into much more expensive voluntary coverage. You might or might not need disability coverage, if you have it.<\/p>\n

As you near 60, it will be harder to find\u00a0long-term care coverage<\/a>, so consider taking out a policy soon if you feel the need. A financial advisor can help you make smart choices here.<\/p>\n

5. Stay invested<\/strong><\/p>\n

How long will you live in\u00a0retirement? According to Centers for Disease Control data, maybe 20 years or more. That’s a long time, long enough for\u00a0inflation<\/a>\u00a0to zap your nest egg. A conservative\u00a0investment portfolio<\/a>\u00a0can generate income while protecting your wealth from inflation.<\/p>\n

Retiring on time and living well are not conflicting goals, so long as you maintain a strong sense of the realities of\u00a0financial planning in retirement<\/a>. It’s\u00a0not about “getting by” but effectively using the resources you have to make the best choices along the way.<\/p>\n","protected":false},"excerpt":{"rendered":"

Most people look at\u00a0retirement\u00a0as the finish line, the point after which\u00a0financial planning and investing\u00a0become moot. The reality is far different. Forty percent of baby boomers expect to work until they … Read more →<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":7301,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_wp_rev_ctl_limit":""},"categories":[8],"tags":[62,42,43,37],"yoast_head":"\nFinancial Planning In Retirement | MarketRiders<\/title>\n<meta name=\"description\" content=\"Most people look at retirement as the finish line, the point after which financial planning and investing become moot. 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