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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
January/February 2024
Retirement: Is It Time?
When you think about retirement, what is foremost in your mind? Freedom from work? The chance to spend your time the way you want? The amount of money you will need to save to live comfortably?
Your Work Environment
Your attitude about your current job and workplace may influence your feelings about retirement. Are you ready to stop working, or do you simply want a change? Lack of satisfaction with your work life may mean you’re ready for a new challenge. It also could be a sign that you’re ready to leave the working world behind.Baby Steps
If you’re not ready to fully retire, consider asking if your company will allow you to work part-time. Cutting back on your hours can give you more leisure time without severing your connection to colleagues and the workplace.Consider whether or not you’ll lose benefits you need, including health insurance and contributing to a retirement account. Don’t forget about matching contributions.
Your Finances
Where will your money come from when you retire? Will income from Social Security, retirement accounts, and pensions be enough to maintain your lifestyle? Before you make a decision, you and your financial professional should review your current and anticipated expenses and create a realistic projection for your future. Discuss what you hope you retirement will look like, such as travel, hobbies, or even a move to another state or country.Health Concerns
You’ll want to spend as many years as possible enjoying retirement. Personal health problems or a family history of medical or cognitive issues could influence your decision to retire.Social Security Decisions
The retirement age (FRA) for receiving full Social Security benefits is currently 67, but you can receive reduced benefits starting at age 62. Social Security benefits increase for each month past FRA that you delay taking them, up to age 70.A Business Plan
Starting your own business or working as a contract worker in your field of expertise can give you more freedom while still providing an income. Consult your tax advisor regarding the rules that apply to self-employed individuals.505521-2
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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