Americans are serious about retirement planning. A whopping 40% say their primary investment goal is to retire on time. Your financial planner in Fresno CA understands that our retirement planning research shows most people struggle to reach their targets. Expert recommendations suggest $1.5 million leads to a comfortable retirement.
Smart financial retirement planning remains within reach. The numbers tell an encouraging story – 86% of Americans invest with clear money goals and aim to become financially independent. We’ve seen these challenges up close.
Retirement works as a progression through distinct stages rather than a single-phase trip. Each stage brings unique challenges and opportunities. You need to understand these stages to create effective financial retirement planning that addresses your changing needs throughout post-work life.
Leading financial institutions and experts recognize three main phases of retirement. The names may vary depending on who you ask, but retirees typically move through these characterized stages:
The Exploring Stage (or “Go-Go Years”) marks retirement’s beginning when retirees stay healthy, active and ready to enjoy their newfound freedom. People often travel extensively, pick up new hobbies, volunteer, or even launch businesses during this phase.
Your retirement money needs to support different lifestyle needs as you age. Most people think retirement is one long phase. But smart financial retirement planning adapts to your changing priorities and expenses during your golden years.
The Reflecting Stage brings healthcare and long-term care costs into focus. People who turn 65 today have almost a 70% chance of needing some type of long-term care. These costs can exceed $100,000 per year. You’ll need to balance your own needs with any inheritance plans.
These key strategies work in every phase:
Set up reliable income streams from Social Security, annuities, or bond ladders to cover basic expenses
Keep different types of tax accounts to withdraw money efficiently
A successful retirement just needs careful lifestyle adjustments at each stage, not just financial planning. Research shows retirees face identity challenges when they leave work life. The emotional and psychological aspects of this major life change take six months to two years to process.
Identity and Purpose Transitions
Retirement bridges the gap between old roles and new ones. People who dive straight into retirement without learning about their future life often struggle the most. Retirement experts suggest you can stay purposeful by using your professional skills differently. You might try part-time consulting, teaching, volunteering, or becoming a mentor.
Housing Considerations Through Phases
Your living situation changes as retirement progresses. Early retirees often think over downsizing or moving to a new location. Middle retirement brings practical housing needs that might require accessibility modifications.
We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to see how we can help you Retire ”Your Way!”
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