While the ink is still wet on the new SECURE act, meant to make it easier to save for retirement, there is still a great deal of insecurity many feel as they approach this next stage.
Consider the fact that your flow of earnings will end. The paycheck you’ve received month after month for the last thirty or forty years will no longer appear in your account.
This can be terrifying, even if you have done a great job of savings and investing. It is a CHANGE and as we all know, change can be rough.
You can prepare for this by following these simple steps.
Know your numbers—how much it costs you to live.
Take the time necessary to plot out potential life scenarios that encompass the rest of your life. For example, will you continue to live in your home, will you move, will you need assistance?
Check your health. Nothing bleeds money faster than uncovered medical expenses. Devote your time, energy and understanding to what you can do to maintain or improve your health.
Work with qualified experts to make sure you’re on the right track (medical, financial, legal, other health professionals).
Put it in writing. Take the time to think through and create a plan that includes financial considerations. If it’s not in writing, it’s smoke.
You want security? It takes time, effort and understanding. I can’t think of a reason not to.
Cheers,
Michael
