What do You Want During Retirement?

What do you want at the end of your work life? The most common answer is "I want to retire." But that's too broad of an answer and can make it hard to develop the right plan to get there. It's like saying I want to look better without creating an eating and exercise plan.

Here's a simple strategy to help you get specific about what your retirement will look like. Begin by defining retirement in three buckets.

Bucket #1:

Identify those one-time purchases you have dreamed about. Perhaps it's a new vacation home, a new set of wheels, or a nice boat to spend more time on the water. Sure, you probably can't purchase everything but make a list, prioritize the list, and put a price tag on each.

Bucket #2:

What do you want to do? Travel the world or take several weekend getaways to your favorite places. Once again, make a list, prioritize the list, and put a price tag on each.

Bucket #3:

When the dust settles and the retirement honeymoon ends, what will the day-to-day look like for you? What expenses are needed for your day-to-day living, including housing, club memberships, eating out, health care, long-term care, etc?

Buckets 1 & 2 are the most fun to dream about in the first few years of retirement; however, bucket 3 is the most critical to identify to navigate the longevity of retirement.

Steward Partners Investment Solutions, LLC (“Steward Partners”), its affiliates and Steward Partners Wealth Managers do not provide tax or legal advice. You should consult with your tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

The case study presented is provided for illustrative purposes only. Past performance is no guarantee of future results. The information has been obtained from sources we believe to be reliable, but we cannot guarantee its accuracy or completeness. These strategies do not guarantee a profit or protect against loss and may not be suitable for all investors. Each customer’s specific situation, goals, and results, may differ. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

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