As you start to think about retiring, here are five things to consider:

Estimate the monthly income you will need
You may need to adjust/reallocate your portfolio and take another look at both income-producing and growth investments. You’ll also want to factor in the amount you will receive from Social Security as well as Required Minimum Distributions.

Determine whether you will stay in your existing home or move
Many retirees decide to downsize to a smaller dwelling to lower their living expenses. Or move closer to your immediate family.

Think about debt and taxes
It’s possible that you will retire with a lower income than what you are currently receiving. A lower income can mean a lower tax bracket.

Consider healthcare costs
Will you be eligible for Medicare? Will Medicare provide enough coverage? Remember that many retirees will eventually need long-term care at some point during retirement.

Imagine what your ideal retirement looks like
How do you plan to fill your days during retirement? Make sure that your finances can support your retirement goals, whatever those may be.

I’d like to help you plan a smooth retirement transition. Complete the form below or call us at 817-835-5055 to schedule a consultation.