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Are you taking your relationship with retirement day by day, hoping things work out? Or are you in a committed, long-term relationship with a clear plan? Like any strong relationship, retirement requires intention, consistency, and balance.

In this episode of Money Wisdom, Jake Doser, CFP®, CPWA® and Nicholas J. Colantuono, CFP® discuss what makes a solid retirement relationship.

How Well Do You Know Your Retirement?

Before you can define your retirement relationship status, you must know your numbers. Determine how much you will receive from your income sources, such as Social Security and possibly a pension. Then, calculate your monthly fixed and variable expenses.

Next, focus on what rate of return your plan needs to succeed. How much can you safely withdraw from your portfolio each year without hurting yourself in the long run?

Without this clarity, it’s easy to lose confidence in your retirement outlook. But having a clear, actionable income plan changes that. When you know where your income is coming from and how much you’ll need, you’re more inclined to spend responsibly and confidently.

Is There Healthy Balance in the Relationship?

Retirement is a monumental shift not only in mindset, but also in how you position your money. The three core components to a balanced portfolio are safety, income, and growth. The right mix depends on how you’ll use your money, your time horizon, and your liquidity needs.

Retirement also unfolds in chapters, meaning this balance will likely shift over time. Your plan needs to be able to adapt as markets change, life events occur, and curveballs come your way.

Are You Prepared for the Unexpected?

Rising healthcare costs, long-term care needs, inflation, and taxes can derail even the best-laid plans. That’s why assigning a clear purpose to each dollar matters. When your money has defined roles, you can create better structure and pacing.

If you spend a lot early on and do not plan for emergencies later, you may disrupt your balance. The goal is to enjoy retirement to the fullest today while still protecting tomorrow.

For many people, these conversations only happen a handful of times in their lives. For us, they happen every day. Schedule a complimentary visit with an advisor on our team by texting “VISIT” to 800-757-0436.