Financial News & Insights

Here’s everything you need to know about the riskiest time in retirement and how to prevent it from derailing your plan!

After decades of working and saving (and working and saving some more), you wake up one day and realize you are only 5 years away from your target retirement date. But even though you’re getting closer to your much-anticipated golden years, this is not the time to turn on cruise control. Don’t just count down the days until you pack up your office for good; rather, decide to finish the race stronger than you started. Now is the time to determine if you’re on track, build a cash reserve, and educate yourself on the ins and outs of retirement.

If there is one thing that must be managed wisely, it’s your wealth, assets, and, most importantly, an inheritance. At Rand Financial Planning, we think it is important for you to have the necessary tools required to take on any financial challenge, whether it’s investment planning or preparing for retirement.

When it comes to retirement, you dream of hobbies and time with loved ones. But you also face the questions we all do at some point: When can I retire? Is the timing right? Am I ready? Your thoughts wander between “you only live once” and “but I need to be prepared.”

Planning for retirement is multi-faceted. Dreams of pursuing hobbies and traveling motivate many to save, but proper planning is more complex. When determining a retirement date, assuring your healthcare needs are met, and nailing down when you’ll begin withdrawing Social Security, long-term care is a factor that can often be overlooked.

One of the greatest joys in my life—and certainly the greatest joy in my career—is when I see my clients succeed. It’s why I do what I do. As a fee-only and fiduciary CERTIFIED FINANCIAL PLANNER®, I’ve worked hard for years to help make life easier for my clients, so my greatest reward is when my clients let me know I’ve done my job. Below, I share a success story with two of my favorite clients: John and Melissa.

When is the last time you updated or reviewed your estate plan? Perhaps more importantly—do you have an estate plan that consists of all necessary documents and do you fully understand the plan? If not, you’re not alone. In 2021, only 44% of adults age 55 and older have an estate plan.

They don’t call them the golden years for nothing. More time with family and friends, traveling, taking up new hobbies…and the list goes on. So you’re ready to leave the 9-5 world behind and begin the best stage of life: retirement. You’ve worked for decades to build your wealth and accumulate substantial retirement assets, but do you know how taxes will affect your nest egg? Don’t neglect to consider taxes in retirement, especially if you have multiple tax-deferred plans. It’s wise to have a tax strategist by your side to help you make the choices that might affect the rest of your retirement—for better or worse.