This week on the Money Wisdom Question Series, we’re focusing on the countdown to retirement and ensuring you’re on track to meet your goals as you approach this exciting new phase of life.

Major Life Changes

As you prepare for any significant life change, it’s crucial to be as ready as possible for what lies ahead. While you’re working and saving, it’s easy to rely on the comfort of a regular paycheck. But in retirement, those paychecks stop, and it’s up to you to ensure your hard-earned money continues to support you for as long as you need it. That’s why having a solid plan is so important.

Examining Your Budget and Income Sources

If you’re retiring in six months or a year, the first step is to take a close look at your budget. Understand your monthly expenses and the true after-tax costs of your lifestyle. On the flip side, assess your income sources. Beyond Social Security, pension, or rental income, know how much you keep after taxes. Getting a clear picture of both your expenses and income is essential.

Once you have this understanding, evaluate if your income is sufficient. If there’s a gap, examine your assets and consider how to structure your savings, 401(k), and other retirement funds to bridge it. This stage requires strategic planning and often benefits from the expertise of a team specializing in retirement transitions.

Meeting With Your Financial Advisor

At Johnson Brunetti, we’re dedicated to guiding you through this complex but rewarding phase of life. Our team is committed to working closely with you to understand your unique financial goals and challenges, ensuring your financial future is as secure as possible.