Spring is a period of change and transition. And while that language is usually directed at nature or social activities, the same idea can be used for those who are preparing their financial future for the significant differences regarding income and expenses when comparing the working life of several decades to a life of enjoying retirement.

Knowing where your money is coming from – and going – is vital to building out your plans for making the most of your retirement. 

Covering Your Costs

Depending on your age, the weight of your costs could vary. Those just entering retirement could see their expenses concerned with travel, entertainment, and checking off bucket lists. And while there should always be room for money spent on personal enjoyment throughout a retirement plan, older retirees will likely have more expenses concerning medical treatment, medicine costs, and possible long-term care considerations.

Where Will Your Money Come From?

There are various income streams that could help fund your retirement. Retirement accounts such as 401(k)s and IRAs are very common. Pensions and selling portions of investments are also possible methods of keeping your bank account healthy once you exit the workforce. And, of course, there are also Social Security benefits that will help supplement your income as years of paying into the program will begin to reward your hard work.

Embrace Retirement – Let Someone Else do the Work

A thorough consideration of your costs and sources of income can help take much of the guesswork out of retirement finances. While you should be excited for whatever you choose to do in retirement, you’ll get even more out of your experience if you are confident about what you can afford and how you’ll cover costs. Reach out to our seasoned professionals at 678-539-9518 and let us know how we can help.

Investing involves risk including the potential loss of principal. Any references to [protection benefits, safety, security, lifetime income, etc.] generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.

Insurance products are offered through the insurance business Consha Financial. Consha Financial is also an Investment Advisory practice that offers products and services through Impact Partnership Wealth, LLC (IPW), a Registered Investment Adviser. IPW does not offer insurance products. The insurance products offered by Consha Financial are not subject to Investment Advisor requirements.

This blog is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.