If you’re planning to retire in a few years, are you looking forward to it?
Or are you somewhat apprehensive and asking yourself: “What sort of retirement can I afford?”
To help ease this concern, you need to be financially prepared.
Taking these steps can help:
First, decide what your retirement lifestyle will look like - and how much it might cost.
For example, if you plan on traveling the world, you might need more income than if you stay close to home and pursue your hobbies.
Next, review your retirement income sources, such as your IRA, 401(k), and other investment accounts.
You’ll also need to decide when to take Social Security. The longer you wait, the bigger your benefits.
And you may be able to supplement these sources by doing some consulting or part-time work.
Also, as you enter retirement, you should determine whether you need to adjust your investment portfolio to provide you with more income opportunities.
Retirement is certainly a major milestone in your life, and adapting to it can take some time.
But there will be much less to fear - and much more to enjoy - if you’ve done what you can to prepare yourself financially.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson and Hawes Dickerson. Members SIPC.
