3 Considerations for Achieving the Retirement Lifestyle and Legacy You Desire

Recent data shows that only 18 percent of adults have $200,000 or more in retirement savings1. As someone who has accumulated more than one million dollars in retirement assets throughout the years, you’ve put yourself in a good position to enjoy your “someday.” Yet, even with a significant amount in retirement assets, you’re not done yet. Now is the time to prepare to get the most out of them – for both you and your family. Making sure your money is positioned effectively will help put you on track to identify ways to achieve the retirement lifestyle and legacy you desire.

As you prepare for retirement, here are considerations to help you understand how to manage your nest egg while balancing your desired post-work lifestyle and the legacy you wish to leave behind.

Planning for Retirement Based on Your Lifestyle
We’ve all envisioned our dream retirement. For some, it means pursuing a passion, hobby, or spending time with loved ones. For others, it could mean volunteering and discovering a sense of purpose. Whatever your plans may be, it helps to understand that many new costs of retirement life can arise.

Consider the following areas when mapping out how you can live the retirement you’ve dreamed about:

  • No two retirements are the same – Some people are satisfied living quiet lives in retirement, while others want to travel the world and try new activities. Whatever your plans may be, understanding your expenses, setting a budget and planning for retirement based on the lifestyle you plan to enjoy will help give you a baseline savings goal.
  • The importance of budgeting – This is one of those financial lessons that can’t be preached enough, but it can easily be overlooked. Identifying your current monthly expenses is not only helpful for preparing for your retirement income needs, but it is also eye-opening to see how much money is being spent. Understanding your spending habits can go a long way to creating a retirement income plan to fit your future lifestyle.

Leaving Your Legacy
A legacy is more than money or property – it means passing down your time, talents and treasures to the people and causes you care most about. Addressing this topic as part of a comprehensive retirement financial plan may give you and your family confidence, while giving you the opportunity to express your wishes.

Be sure to understand the following areas to help you be proactive and preserve your legacy for generations to come.

  • The legacy you wish to leave – Take the time to get specific. Define what your legacy goals are – personal and financial. Maybe your goal is to donate to a charity, create a foundation or support your family. Whatever it may be, you’ll need to define your legacy to balance all your goals.
  • Family dispute prevention – When it comes to planning your legacy, a bit of planning will help smooth the process. But, just as important as creating a plan is sharing it with your loved ones so they can better understand your wishes. Take this opportunity to provide clear reasoning behind specific decisions to help pass on family values such as commitment to charitable giving.

Understanding the Importance of Wealth Management
Building a seven-figure nest egg is no easy feat. Because you’ve been able to amass a significant amount of wealth over time, it’s important to understand how to effectively manage it. Taking the next step toward preserving your wealth while maximizing its distribution will require a wealth management strategy to accompany your retirement plan.

  • Plan of action – Understanding what factors may have an impact on the financial market, such as market volatility, inflation and taxation can be an integral part of your retirement planning. While we can’t control the markets, we can attempt to limit your exposure to potential financial roadblocks. Determining your goals, tolerance for risk and expected retirement income can go a long way towards helping you make financial decisions.
  • Investment strategy – Now is the time to start considering consolidating funds and simplifying your portfolio to see the bigger picture of your finances. Your retirement advisor can help you understand the right strategy for you.

Helping You Get There Today
Whether you’re in or nearing your retirement, you face an increasingly complex challenge – planning for income to support your desired lifestyle. Because your retirement years are important, partnering with a reputable retirement investment advisor can help you identify what it takes to achieve the retirement lifestyle and legacy you desire.

Once you understand your plan for retirement and beyond, your retirement investment advisor can help you understand the next best steps. The right advisor will help you manage your retirement assets and simplify your portfolio while helping you continue to accumulate wealth and plan for its distribution. At Kowal Investment Group, we understand that your legacy and retirement goals go hand-in-hand. Contact us at 262-522-4040 to learn more.

1Fox Business 2017

This information has been obtained from sources deemed to be reliable but its accuracy or completeness cannot be guaranteed. Opinions expressed are those of the advisors at Kowal Investment Group and are not necessarily those of Raymond James. Investing involves risk, investors may incur a profit or loss regardless of the strategy or strategies employed. Be sure to consider all of your available options and the applicable fees and features of each option before moving your retirement assets.

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