We’ve worked, we’ve saved, we’ve planned, and now we’ve reached it: RETIREMENT! If you’ve ever played the board game “Life,” you know that the “winner” is the one with the most money in his or her coffers, and who drives his or her plastic car to the sprawling plastic mansion on the hill to live happily ever after.
Unfortunately, we arrive at “happily ever after” unsure of what to do next, how to act, and how to spend the money, now that we’ve achieved that milestone we’ve been saving for all these years!
An October 2016 Inquirer News article shares expert tips about how to manage (and use) the money in our retirement accounts, to ensure we have enough to last our lifetimes, and have some fun along the way:
- Assets vs. Age Retirement Deciding you’ll retire by a certain date on the calendar is arbitrary and can cause a lot of unnecessary angst. Retirement advisors suggest reviewing what you have in your bank account, taking into account your current lifestyle and health status, and creating a plan based on your needs for the next 20-plus years.
- Take Some Risks While you don’t want to put all of your funds into a high-risk program, taking risks with some cash can help your savings grow in retirement. Working with a financial advisor skilled in managing retiree portfolios will help you diversify without sacrificing your current needs.
- Adapt Your needs on the day you retire may look very different one year, five years, or more down the road. Build in the flexibility to address situations such as home repairs or illness, as well as the “fun stuff,” such as a new car and travel.
- Plan Your Budget For years, you planned your budget to deposit to your retirement accounts. Now that you’ve reached your goal, you have to manage your assets so you aren’t hit with penalties or tax bills. Think of your retirement portfolio as your new “employer,” with regular paychecks that allow you to stay on track throughout your lifetime.
At Windsong, we specialize in thoughtfully designed homes in communities that cater to the lifestyle of active adults. Each home is built to maximize energy efficiency and healthy living, and the quality of construction combined with flexible living spaces provide the luxury and value active adults look for in a home.
Welcome to Windsong… Where Life’s A Breeze!