Key Takeaways   

  • Plan early for retirement by making and following a financial plan.
  • Review your financial plan regularly to ensure you are still meeting your current and future needs.
  • Get the right advice from a Certified Financial Planner® professional or Qualified Associate Financial Planner™ professional who is experienced in elder planning.

Creating a detailed and realistic financial plan can make all the difference when it comes to having a happy and fulfilling retirement.

No matter your age, retirement planning should be a part of your financial plan. That way, you'll be prepared to make the most of this rewarding phase of life. In this overview of the Navigating Retirement series, Douglas Lamb, Elder Planning Counselor and Financial Advisor with HollisWealth Advisory Services Inc., outlines the most common priorities to focus on—and missteps to avoid—when planning for your post-work years. 

Planning Makes Perfect

A happy and fulfilling retirement starts with the right financial plan. Work with your CFP professional or QAFP® professional to create a detailed and realistic plan through the following steps:

  • Determining your financial goals and other life goals
  • Understanding the cost of meeting your goals, considering your other life expenses and the resources you anticipate having
  • Creating a plan that addresses every aspect of your financial situation; one that meets your changing needs through all the years of your retirement

If your goals and projected financial situation don’t add up, talk to your professional financial planner. For example, let's say you've discovered you won’t have enough money to retire when you want to. Your planner will discuss making adjustments such as the following with you:

  • Working longer prior to retirement
  • Working part-time in retirement
  • Saving more prior to retirement
  • Spending less in retirement

Even in retirement, your financial situation isn’t static. Life is unpredictable, so it’s important to review regularly with your CFP professional or QAFP professional to be sure your plan is still addressing your current and future needs. An important consideration is making your future health care wishes known to your family. This will also provide peace of mind for your loved ones if medical issues become critical or your ability to communicate is diminished.

Avoiding Missteps

Planning ahead is your best strategy for bringing your dream retirement to life. Waiting until you retire to realize you lack the resources to fulfil your wishes can make for a disappointing future. To enjoy every stage of your life, keep these guidelines in mind: 

  • Plan for retirement with the help of a CFP professional or QAFP professional.
  • Check in with your professional financial planner often to be sure you’re on track and make adjustments as needed.
  • Feel confident in your plan and enjoy yourself.

Getting the Right Advice

A CFP professional or QAFP professional who’s experienced in retirement planning can help you navigate the economic, emotional, and practical issues associated with the various phases of retirement you may experience.

Planning today will help ensure you have the resources to indulge your short-term desires while providing for your long-term needs.

To find the right CFP professional or QAFP professional to help guide your retirement planning, use our Find Your Planner tool.


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