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Financial Planning in Retirement and Beyond

Financial Planning in Retirement and Beyond

October 24, 2022
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Congratulations! These are your golden years. You’ve worked hard to raise a family, build your career, and save your money—now it’s time to relax and reap the rewards of a lifetime of sensible financial planning. 

How can you take full advantage of this time of your life? Here are some tips for being financially savvy in your 70s and beyond:

1: Review your estate plan.

Develop or review a plan for your property and assets, including your will, trusts, liquidity of assets, and gifting. 

2: Re-evaluate budget and cash flow. 

Creating and following a realistic budget is essential when you’re retired. It helps ensure your money lasts as long as you’ll need it. Here are some things to consider:

  • Understand your basic needs—the essentials—and consider providing for these needs with predictable sources of income such as Social Security, pensions, and annuities.
  • Plan for discretionary expenses and how you’ll fund them.
  • Consider further building your emergency reserve fund to cover possible new expenses, particularly for healthcare and long-term care.
  • Compare your spending strategy to your income strategy. Are they consistent with each other? Or do your spending habits need to be adjusted to align with your retirement income?

3: Communicate.

While it’s tempting to financially “coast” in retirement, this is a time that you should pay even more attention. Your 70s offer more financial opportunities (and risks) than ever.Being retired doesn’t mean that retirement planning is done. Continue to have regular meetings with a financial professional and take prudent steps with your tax-efficient investments and savings. 


And your bonus health tip for your 70s and beyond:

Live with purpose. 

Find a way to feel a strong sense of purpose in your life, despite the messages our culture may send about aging. Religion, family, volunteering, and more can help you feel connected and needed. Here’s to a healthy and prosperous life!