Planning for retirement does not need to be a dark and looming fear to procrastinate on. Your dream retirement is attainable whether you have generational wealth or are navigating any number of traditional retirement scenarios.
Whether you are married or single, have multiple children or none, work in healthcare, or are an entrepreneur, there are several key factors to consider as you plan your dream retirement.
- Consider What You Would Like to Do
Maybe you already have a vision in mind for how you would like to spend retirement. If so, great! If not, you’re not alone.
Take time to brainstorm. Would you like to relocate in the future or remain where you are? Relocation could fulfill your dream of living in a warmer climate or being closer to family members. It could also simply mean downsizing your home to a smaller, more practical space to suit your needs.
It’s also important to consider your retirement timeline. Will you retire cold turkey, or do you plan to cut back to part-time for several years before fully leaving the workforce? Is starting a business your ultimate dream? Would you like to travel the country or the world? Or does the idea of doing nothing at all sound perfect? Your desires will affect the amount of money you need to set aside.
The options abound. Volunteering, completing renovation projects, practicing hobbies, and spending quality time with grandchildren are just a few other ways many enjoy their newfound freedom during retirement.
- Calculate Your Expenses
Having a realistic idea of your lifestyle preferences can help to determine how much money you will need to save in order to live out your dream retirement. It’s crucial to consider your current monthly income — specifically take-home pay after all deductions for taxes and insurance — as well as any expenses you anticipate changing upon retirement.
If your dream involves using your newly acquired free time to travel, make estimates regarding travel costs. You also need to consider potential healthcare expenses, as well as monthly savings for items that will eventually need replacing, household repairs, and vehicle purchases.
Working directly with a fiduciary financial advisor can help ease the planning process to ensure the minute details are accounted for and nothing falls through the cracks. Your retirement plan should provide long-term stability by accounting for yearly expenses, inflation, market volatility, and future health care costs.
- Consider Potential Passive Income Sources
As you approach retirement, it’s also important to identify all potential income streams. This might involve setting up passive income sources, such as a rental property or other main assets that generate income. Having a sound investment portfolio in place is also a great way to secure and continue to grow your wealth as you exit the corporate world.
Relying on an independent registered investment advisor to implement an appropriate strategy and discuss changing income scenarios can alleviate the unknown of retirement planning and promote a more secure financial future.
- Keep an Eye on Your Portfolio
As the saying goes, change is the only constant in life. As our lifestyles and habits change, our investments should too.
As retirement nears, it’s increasingly important to review your risk tolerance and investment timeline. It may be time to adapt a more conservative investment strategy and discuss your portfolio options. For those who have planned extensively, drastic changes will likely be unnecessary. However, it is a good time to check on your portfolio and tweak your plan as recommended by your fiduciary investment advisor.
Retirement Planning in Denver, CO
Ideally, retirement planning should begin in the early stages of professional life, so you have time to successfully build savings over the course of your working years. No matter where you are in the development of planning for your dream retirement, working with an independent registered investment advisor will make it easier to prepare for a financially secure and stress-free retirement.
Our award-winning fiduciary investment advisors at Triumph Capital Management are here to assist with every aspect of your financial life. Our mission is to get to know and understand your desires, and to develop, and implement a strategy designed for your individual needs. As one of the top registered investment advisors in the Denver area, we feel confident in our ability to plan, execute, and oversee your financial goals for both the long-term, short-term and everything in between. Call our team today at (720) 399-5555 or book a complimentary appointment with us to discuss your retirement dreams.
Triumph Capital Management
1610 Wynkoop Street Suite 550
Denver, CO 80202
Advisory services offered through Triumph Capital Management, a registered investment advisor SEC#282814. Insurance Services offered through Triumph Capital, LLC #619821