Almost everything we do has some type of a preparation process or warm-up routine. From playing golf to driving a car, every activity has certain steps that should be taken before you begin, and retirement is no different. This next period of your life requires some warming up – financially and otherwise.
Preparation is everything in life. Think of a pilot performing their pre-flight routine and inspections. They walk around the entire plane looking for any visual problems on the body, wings, landing equipment, tail, and nose to make sure it looks proper. Next, they do a pre-flight check of all systems inside the cockpit as they enter their route information. For the pilot, this is part of their routine, but they must be actively engaged in the preparation process or the outcome could be tragic.
The same holds true for someone like a heart surgeon who may perform hundreds of surgeries over their career. They adhere to a very regimented preparation process because the outcome of their actions is literally a matter of life and death. It would probably be safe to conclude that the more important the event is, the more important it is to have a thorough preparation process.
That’s why it’s hard to believe that so many people arrive at retirement without the type of preparation an event of this magnitude deserves. All of the activities mentioned above only last for a matter of hours, whereas your retirement could last for decades. It’s ironic that some people will dedicate time to researching the latest golf equipment in hopes of improving their game but haven’t taken the time to have their portfolio rebalanced or risk assessment updated.
Transitioning into retirement is no small task, and it’s important to think about how you’ll do it from a lifestyle standpoint, not just a financial standpoint. How will you keep yourself occupied and engaged? Do you wish to travel? What are some goals you can set for yourself or some activities you’ve always looked forward to doing in retirement?
Achieving the outcome you desire in retirement takes a commitment to the process of getting properly prepared. If you aren’t sure that you’re warming up for retirement correctly, maybe it’s time we meet. During our complimentary, no obligation financial review, we’ll take the time to understand your retirement goals and discuss how we can design a plan that helps you achieve them.
Securities and advisory services offered through Royal Alliance Associates, Inc. (RAA), member FINRA/ SIPC. RAA is separately owned and other entities and/or marketing names, products or services referenced here are independent of RAA. RAA is not affiliated with Lone Beacon
Neither the named representative nor the named Broker/Dealer or Investment Advisor gives tax or legal advice.
Fixed index annuities are designed to meet long-term needs for retirement income. Early withdrawals may result in loss of principal and credited interest due to surrender charges. Distributions may be subject to ordinary income tax and, if taken prior to age 59 ½, an additional 10% federal tax. An income rider or benefit (sometimes called Guaranteed Lifetime Withdrawal Benefits, or GLWB) is an additional feature available with some annuities and generally optional and come with additional cost. Income benefits are designed to provide income options above and beyond the standard annuitization or free withdrawal features in annuities. All contract gains beyond the CAP rate are surrendered to the insurance company to pay for the expense of the product.
The views expressed are not necessarily the opinion of Royal Alliance Associates Inc, and should not be construed directly or indirectly, as an offer to buy or sell any securities mentioned herein. Individual circumstances vary. Investing is subject to risks including loss of principal invested. No strategy can assure a profit against loss.