Most people claim your expenses will go up when you retire because of healthcare costs. While medical expenses are often higher for older people, you might save a lot of money by not going to work, too, such as money spent on gas, clothes, and going out to eat. As a retiree, you’ll have more time to cook at home and save money on food. You won’t sit in traffic and waste money on gas. Car maintenance expenses go down, too. When you’re retired, you also get to take advantage of senior discounts at a variety of establishments. 

The biggest expense is usually housing. Once the kids move out, you can downsize to a smaller place and live in an area of town that also has the entertainment you enjoy, whether that’s bingo, golf, or your local library. Saving for retirement doesn’t have to be an insurmountable obstacle. There are a lot of options available to you that allow you to live on much less when you retire than what you’re currently earning at your job.

Of course, your expenses are closely connected to the lifestyle you envision for yourself in your retirement. If you hope to travel to all those places on your bucket list during your first few years of retirement, you’ll no doubt have higher expenses during those years. It’s important to consider your lifestyle goals when we’re planning out your expenses so that you can ensure you have the cash flow you need to achieve those goals.

We’ll help you to examine all of your potential retirement income sources and plan for how to best utilize them to support you during your retirement years. Whether that means delaying your Social Security benefits, taking a bulk payment from your pension, or any other combination of income sources, we’ll ensure that you have steady cash flow throughout those years.

Often, the biggest issue with saving for retirement isn’t people’s inability to save. Instead, it’s more about knowing what to do with the money. That’s where we come in. We will help you sort out your financial situation and set up the right investment accounts to prepare you for retirement.

As your financial advisors, we pride ourselves on creating personalized retirement plans for our clients. We look at your financial situation, your goals, your dreams for the future, as well as your limitations. Then we create a plan that helps you build up wealth without putting yourself or your family at risk. 

We also help you figure out how to withdraw from your retirement accounts when it’s time to harvest, to maximize your return on investment. Call us today and talk to us about your financial situation. We’ll create a retirement plan that’s customized for your goals and your needs, so you can retire with confidence in your future.