Your retirement planning checklist

Are you approaching retirement?

Even if you aren’t, it’s never too early to start thinking and planning for it.

ReJoyce Financial’s Alexander Joyce shares a list of things to consider before retirement:

1. An up-to-date estate plan in your household for you and or your family
An estate plan would include a will or trust (or both), Power of Attorney, medical durable power of attorney, and any other legal institutions you believe your family and friends should be informed of or you want done on your behalf.

2. Somewhat on the same note of estate planning is property distribution  
Some families do want their home, family farm or other things even cars or guns, or other collections to be passed down in generations.  We see it a lot so if this is of concern. Give it great consideration.

3. Plan your expenses
Understand your gap, if you have one. Learn clearly what your fixed income sources are, pension, SS and other fixed incomes. Then, consider your lifestyle and income goals. The biggest problem or question is how to fill it without running out. This may need assistance from a professional firm, such as ReJoyce Financial, to give real advice and come up with solutions.

4. Don’t be too conservative
It is easy to give up on growing your money. After all, that’s how you probably got to this point. A lot of people feel they can’t take any risk. Calculated risk can be ok, and assets allocation is everything. Keeping up with inflation is the most important! Again, seeking solutions and advice is very important.

5. Have fun
You may have been told you can’t retire, but you actually can! ReJoyce Financial’s goal is to keep their clients retired, which can be hard work. Presenting your true goals and lifestyles is key. Consider your assets in two ways: live on or leave on. This will help with the change of mindset in knowing you have for your entire life-saved money. Many times, it is difficult to spend money in retirement.

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