Phase one: getting retirement ready
The first stage of retirement is pre-retirement planning. It takes the most work, it takes a long time and it’s the most important.
At this stage in your life, it’s important to identify your goals, create a realistic timeline and begin to create a personalized plan. You may wish to consult with a financial advisor who can help you to envision your ideal retirement and craft a plan to help achieve it.
Phase two: retirement transition
The second stage of retirement is putting your plan into action. Although this stage is filled with anticipation and excitement, it can also be the most difficult.
Navigating the complexities of taxes, consolidating accounts, withdrawal options and ongoing planning can be intimidating. As you transition from work to retirement, it’s important to assess your portfolio to ensure it supports an ongoing, consistent income level.
Phase three: retirement living
In the third phase, hopefully you’re enjoying your retirement. Now that you’ve been living your plan, you should have a better sense of what you need.
Your lifestyle and spending habits continue to change during this period, so it’s prudent to revisit your plan and your investment options annually. Often, retirees are more conservative than they thought and may adjust their course for a more comfortable retirement. This is also an important time to consider the future costs associated with medical expenses, downsizing your home, long-term care and what you may want to leave for your family.
Regardless of which stage you’re in, a retirement plan is vital, but it’s important to remember that it isn’t rigid, but modifiable. We encourage you to meet with a financial services professional to help you get retirement ready, make a seamless transition and enjoy
As the financial advisor at 1st United Credit Union through CUSO Financial Services, L.P. (CFS*), Rahil Machiwalla can answer questions or help provide direction. He is available to chat by phone or can meet you at any 1st United branch. Call him at (925) 598-4718 or schedule your appointment today.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the Credit Union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to Credit Union members. Please consult a qualified tax advisor for specific tax advice.