Submitted by Tim Whisler, CRPC®, CLTC® CAASM, Certified Financial Fiduciary® President of The Whisler Agency, Peoria IL.
Many people think retirement begins with one big decision: choosing when to stop working. In reality, retirement is shaped by dozens of decisions that influence one another for years to come. The more thoughtfully those decisions are made, the more confidence you'll likely have throughout retirement.
The challenge is that these decisions rarely exist in isolation. That's exactly why I believe every retiree deserves a written retirement plan. Not because it's another financial document to place on a shelf, but because it should answer the questions that will shape your retirement.
A well-designed written retirement plan should help answer questions like these:
- When should I begin Social Security? How will that decision affect my lifetime income and my spouse's future benefits?
- How should I withdraw my retirement savings? Which accounts should I use first to help reduce unnecessary taxes?
- How much investment risk is appropriate now? Does my portfolio still match my retirement goals instead of my working years?
- How do Medicare, Roth conversions, Required Minimum Distributions, and estate planning fit together? How does one decision affect another?
If someone asked you to pull out your written retirement plan today, would you have the one document to answer those questions? Many retirees have investment statements, tax returns, and estate planning documents. But surprisingly few have one written retirement plan that brings all of those pieces together into one clear, coordinated strategy.
A written retirement plan is one of the most valuable planning tools a retiree can have. A written retirement plan doesn’t simply tell you what you own; it helps you understand how all the pieces fit together.
A written retirement plan:
- Connects your income strategy with your taxes.
- Coordinates your investments with your retirement income needs.
- Explains how one financial decision may influence another.
- Provides a roadmap you can return to whenever life changes.
The result of having a written retirement plan is clarity.
Clarity leads to confidence.
Confidence doesn't come from hoping everything will work out. It comes from understanding how the pieces of your retirement fit together and knowing your decisions are working toward the same goal.
Confidence leads to fulfillment.
When you're no longer worrying about whether you've overlooked something important, you're free to spend more time with family, travel, volunteer, pursue hobbies, or simply enjoy the retirement you've worked so hard to achieve. After all, isn't that what retirement is really about?
Income is the Outcome… Lifestyle is the Purpose.
Income provides the resources to enjoy retirement. A written retirement plan provides the clarity to make informed decisions. Together, they create the confidence to pursue a fulfilling retirement. So whether you're planning for retirement or already retired, ask yourself this question:
What important retirement decisions could I be overlooking simply because I don't have a written retirement plan?
Perhaps the answer isn't that you're making the wrong decisions. Perhaps it's that no one has ever shown you how those decisions work together.
You Don’t Have to Create a Written Retirement Plan on Your Own
Today is a great day to begin creating your written retirement plan, so I invite you to schedule a complimentary "Get Acquainted" conversation. Call us at (309) 291-0491.
To learn more about Tim and The Whisler Agency, go to www.thewhisleragency.com. You can watch episodes of his weekly TV show at www.IncomeIsTheOutcomeTV.com
Investment advisory services are offered through Foundations Investment Advisors, LLC, an SEC Registered Investment Advisor. The views, statements, and opinions expressed are those of the author, and not necessarily of Foundations or their affiliates. The content provided is for educational purposes only and the views reflected are subject to change at any time without notice. No investment, legal, or tax advice is provided. Always consult with a professional. Foundations deems reliable any statistical data or information obtained from third-party sources that is included in this article, but in no way guarantees its accuracy or completeness.