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Top Five Tips For Retirement

Retirement is one of those things in life that we spent a large amount of time, sometimes even your entire life, preparing for and working toward. How can you be best prepared for this momentous occasion? Working with a qualified financial planner is a great start, because they can help you overcome your own behavioral biases when investing so that you can make better long-term decisions regarding your retirement. Here are five additional tips to help you as you plan for retirement.

You Will Know When You Are Ready.

Big transitions in your life don’t require someone else to tell you when you are ready. They, in a way, can’t be forced. Just like how you know when you’re ready to get married, or to start a family, you’ll know when you’re ready to retire as well. No matter how much pressure you are under, your body just knows when you are ready to take that next step. The same holds true with retirement. You’ll know when you are ready when you are mentally ready.

Just Because You Are Mentally Ready, Are You Financially Ready?

You need to stress test your retirement income and expenses. This is a critical step as most people don’t meticulously budget and have been reliant on some company to pay their expenses for the past 40 some-odd years. Once retired, this whole equation gets flipped on its head. Do you feel confident in your ability to have your assets and fixed incomes meet your expense needs?

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