So much of retirement deals with the accumulation of assets. Your 401K, your IRAs, distribution strategies, Roth conversions. All very, very important - but let’s talk about a few things you may not be thinking about outside of your finances, to kind of help you prepare for retirement.
The first one is one that we stress to clients often - What are you going to do in retirement? What is it that you want to do? Do you want to play golf? Do you want to hike? Do you want to hang out with your family? Do you want to travel? It is very, very important to have some clear goals and ideas of what you want retirement to look like. There are tons and tons of data and studies out there of people who don’t have activities that are stimulating their mind, stimulating their brain, keeping their bodies in shape, who tend to pass away sooner. So make sure you have some goals in mind that you want to accomplish when you plan to retire.
Secondly, making sure you are properly insured. What would happen to your family if you passed away one year into retirement? If your spouse is retired, will they need to return to work? And what about your kids and maybe grandkids? Did you want to leave some money to them to pay for college or to put a down payment on a house? Have you taken a good look at your family’s medical history? What are the odds that you end up in a nursing home or a skilled nursing facility? Do you have any long-term care insurance to help cover those expenses? All are very important to think about as you approach retirement.
Lastly, Estate planning. Do you have your estate documents lined up? Now that you are getting ready for retirement, this is a fantastic time to dust off that will that you probably haven’t looked at for 10-15 years and make sure that your assets are going to pass to whom you want them to. Do you have a financial and health care Power of Attorney set up? Do you have proper documents in place where, if you become incapacitated, someone is going to be able to make financial and health care decisions on your behalf? These kinds of things are not very fun to talk about, but are extremely important.
So these are three things to be thinking about outside of your finances as you approach retirement. Retirement isn’t just about numbers on a statement—it’s about creating a life that’s secure, fulfilling, and aligned with your values. Thinking through these non-financial areas now can give you peace of mind and set the stage for the retirement you’ve been working toward. If you’d like guidance as you prepare, the team at Summit Wealth Group is here to help you plan every step of the journey.