Randy Eschels photo

Randy Eschels, CLU, ChFC, CFP®

 

Eschels Financial Group, Inc.

555 S Old Woodward Avenue, Suite 612

Birmingham, MI 48009

 

Phone:  248-644-1144

             800-969-9990

Fax:      248-644-7820 

 

Email: randy@eschelsfinancial.net

Website: www.efg-ida.com

May/June 2020

Preparing for Retirement

Preparing for Retirement

The importance of saving for retirement can’t be overstated. How you spend your retirement income is important, but so is how you spend the rest of your life. Whether your retirement is near or years away, it is important to plan for this huge life change.


Test Drive
Don’t chance it. Rather than jumping into retirement cold turkey, consider the factors that will make your retired life either enjoyable or difficult. If you plan to become a snowbird, check out prospective landing spots while you’re working. This can help take the unfamiliarity out of a big move, but it won’t help you get over leaving friends, family and familiar surroundings. Make sure any move you make is right for you long term.


If you’ll stay in or near your current community, consider whether you’ll downsize, move into a retirement community or stay put. There are pros and cons to each option. If you downsize, mull over how you’ll rid yourself of excess belongings you’ve collected over the years and whether children, friends or charities will get what you leave behind. If you plan to live out your life in the same home, plan to update it prior to retirement.


Life Changes
Think about how leaving work behind will affect you. If you can’t wait to get back to the job while on vacation, you could have trouble leaving your career. If that’s true for you, consider keeping active in your career at least parttime, whether for pay or as a volunteer.


Also consider how to occupy your newly free time. Will you travel and take up new hobbies or will you devote more time to others, including family and those in need?


These are some of the changes you might consider before your big day approaches but not the only ones. Will you want to leave a legacy, financial or otherwise? Are you prepared for potential failing health or long-term care, two facts of life for which insurance can offer financial protection? Do you have enough money to support potentially longer lives (see Retirement Lessons From a Fairytale article)? Answer these and other questons and you're on your way to happy retirement.


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Investment Advisor Services offered through Investment Advisors, a Registered Investment Advisor and a division of ProEquities, Inc. Securities offered through ProEquities, Inc., a Registered Broker-Dealer, Member FINRA & SIPC. Eschels Financial Group, Inc. is independent of ProEquities, Inc. Eschels Financial Group, Inc. and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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