Broker Check

Are You Ready to Retire?

November 29, 2022

If you’re nearing this major milestone, it’s likely that you’ve spent some time dreaming of the days of no alarm clocks, no commute, and no punching the clock, but how can you be sure you’re really ready?

There are two major components of retirement preparation – financial and lifestyle - so let’s start by taking a look at the financial aspects. “Will I outlive my money?” is one of the top fears for near-retirees and a question we hear often. It is also not a one-size-fits-all answer. Determining your retirement needs is a process and shouldn’t be a number you find using a google search.

At Stonegate, we examine your current financial situation and develop a plan based on your individual wants and needs. This plan will also take into consideration all potential sources of retirement income, such as Social Security, pensions, annuities, investment accounts, or a possible encore career.

Now, the often-overlooked component of retirement prep is the lifestyle changes that will be brought about by a change in work status. Sure, expenses may change, and you may need to adjust to account distributions rather than accumulation, but have you stopped to think about how you’ll spend your days when you’re no longer working in this capacity? What will provide you with a sense of purpose? With whom will you spend your time and how will you keep yourself active? Have you and your spouse discussed what kind of retirement you each envision? Without this thoughtful examination, the shift to retirement can be a difficult one.

The good news about retirement is that it’s far from the end. It’s merely a change in circumstances and might even be turned around if you miss the action or find a new pursuit. Retirement isn’t necessarily about leisure but about using your time to pursue what moves and motivates you.

Would you like to discuss whether you’re ready to retire? Please feel free to reach out to the team here at Stonegate Financial to get the conversation started.