Six Keys to Planning for Your Retirement

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You may have saved a respectable amount of money in your 401(k) and/or IRA for retirement, but once you retire, do you have a plan for spending that money, or are you going into retirement blindly?

In our continuing series on Biggest Financial Planning Mistakes, this week we focus on #10, our final planning mistake.

Mistake #10: No Distribution Strategy

Having a sufficient amount of money for retirement is a great first step in planning for your life after age 65 – or retirement — however, the planning does not stop there.

“Many people spend all their time thinking about accumulating and saving money, but don’t think about how much they can spend,” reveals Cullen Douglass, a CERTIFIED FINANCIAL PLANNER™ with Douglass Financial Services in Cool Springs. “You don’t want to be frozen with fear that you are going to run out of money in retirement.”

According to Douglass, a financial plan is essential for retirement. In addition, several important factors must be considered when creating a financial retirement plan.

  1. Lifestyle – What kind of lifestyle do you want to maintain in retirement?
  2. Risks – Considerations include possibilities like assisted living facility costs and long-term care
  3. Taxes – How much do you expect to pay in taxes?
  4. Longevity – Life expectancy based on your health and family history
  5. Earnings – How much will you be earning through investments and retirement funds?
  6. Market Volatility – Where is the market currently, and based on the economy, what is expected in the future?

“Most people don’t make changes to their 401(k) or IRA’s as they approach retirement even though their objectives have changed,” says Douglass. According to Douglass, if you are going to start spending your retirement money, you need to alter your plan accordingly.

“It’s essential to build a retirement plan that’s designed to optimize your income and take you through retirement, not just to retirement,” says Douglass. “It will give you peace of mind, knowing you have a plan for spending your hard earned savings, making sure you don’t run out of money in retirement.”

To ensure your financial security for the long-term, begin now with the proper information and expert advice – from a CERTIFIED FINANCIAL PLANNER™. Cullen Douglass, CFP® and his team of professionals at Douglass Financial Services in Cool Springs has more than 60 years of combined industry experience.

Cullen Douglass, CFP® is a Wealth Management Advisor who focuses on complete planning including risk management, investments, estate planning, retirement planning and insurance. Douglass Financial specializes in comprehensive integrated financial planning, including:

  • Ÿ Personalized Financial Planning
  • Ÿ Investment Advisory; Products & Services
  • Ÿ Trust Services
  • Ÿ Wealth Protection & Risk Management

Just moved to Tennessee? Don’t delay in learning about Tennessee’s unique state laws. It’s not worth putting your spouse or children at risk. Cullen Douglass, CFP® & Douglass Financial Services can help you successfully navigate what can be murky waters.

Whatever your situation, if you have ten minutes, give Cullen Douglass, CFP® a call and take the first step in securing your family’s financial future. Douglass Financial Services is a division of Northwestern Mutual.

Click here to learn more about Cullen Douglass, CFP® and Douglass Financial Services.

To view our last article, Mistake #9: Liquid is Key to a Solid Financial Plan, click here.