Wealth Management & Financial Planning

Wealth Management & Financial Planning

Unlocking the Secret to Checking Off Your Bucket List in Retirement

If there were a way to start checking items off your bucket list, wouldn't you want to know more about it? Many people in retirement have unfulfilled travel dreams due to uncertainty and lack of reassurance. After years of diligent saving, they find themselves wondering how to replace their income, determine their financial needs, and make their savings last longer. However, there is a solution that allows you to enjoy retirement without the fear of running out of money.

Did you know that 70% of people avoid touching their retirement savings until they are required to do so by the government? This fear of running out prevents them from living their best lives. As fiduciary advisors, it's our responsibility to help families understand that holding onto their assets out of fear is not the most efficient approach. There are strategies to ensure financial security while still indulging in your dream trips.

Once you reach retirement age, it is important to discuss and agree with your spouse your vision for a successful retirement. This varies greatly for each individual. One person’s financial vision may be to completely drain their assets by the end of their life, thoroughly enjoy their retirement years, and leave no money behind. On the complete opposite end of the spectrum, someone’s vision could be to live as conservatively as they feel comfortable, continue to grow their portfolio, and leave a legacy to their heirs and charities that are close to their heart. As you can see, having a vision that fits your own personal situation is critical to creating a game plan moving forward. If you don’t have a vision, what exactly are you planning for?

Once you have a financial vision in place, you can delve into the specifics. Start by asking yourself important questions, such as:
– How much money do I need each month to live the life I desire?
– What is the most efficient way to draw income from our savings?
– Will our money last throughout retirement?
– Do we want to leave a legacy?
– Do we need to consider risk management or insurance?

These are just a few of the many issues that arise during retirement. It's crucial to continually revisit these topics on an annual basis at minimum to ensure your decisions align with your goals and adapt to any legislative changes.

If you'd rather not spend your retirement consumed by financial questions and want to maximize tax efficiency, manage investments, plan for worst-case scenarios, and preserve assets for heirs, rest assured that you're not alone. Many individuals seek assistance in navigating these complexities and achieving peace of mind. Should you decide to hire a professional, ensure they are a fiduciary advisor who is morally and legally obligated to act in your best interest. This way, you can enjoy your retirement without worrying about your financial future.

Financial Enhancement Group is an SEC Registered Investment Advisor. Securities offered through World Equity Group, Inc. Member FINRA/SIPC. Advisory services can be provided by Financial Enhancement Group (FEG) or World Equity Group. FEG and World Equity Group are separately owned and operated.

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