For a lot of people, retirement planning is one of those subjects that seems dry and overwhelming at the same time. Clients come to us with a lot of questions about how they can become financially secure after they quit working. They want to enjoy their retirement, but they’re not sure they’ll have the resources to do so.

For us at Soltis, when it comes to retirement planning, what we’re actually talking about is the ability to pursue your life’s most important endeavors. For most of us, it isn’t enough to quit working. We want to pursue something.

What Are Your Most Important Endeavors?

If you know what your most important endeavors are, you can understand what resources you’ll need. What kind of lifestyle do you want to have, both in the short term and the longer term? Do you want to travel? Spend more time with family? Volunteer with charitable organizations?

Once you answer those questions, you can think about your resources and how you will cover basic needs, health care costs, and your “wants.” If you don’t think you have the resources to cover everything, some prioritizing might be in order. What are your top priorities once basics and health care are addressed?

This is the point when you can look at different scenarios by asking yourself these questions:

  • If I were to work a little longer at my current job, or get a part-time position after retirement – how would that impact my nest egg?
  • What if I sell my home or get a reverse mortgage?
  • Can I make catch-up contributions to my retirement accounts?
  • Do I have other tax-advantaged savings options such as a Health Savings Account or spousal IRAs I can take advantage of?
  • What is the best strategy for me to use for claiming Social Security benefits?

After thinking through these “what ifs”, many clients come to us for the expertise they need to stress-test these scenarios and form detailed strategies to get their retirement nest egg where they really want it to be. If you want to plan your retirement around what you want most, schedule an appointment today. We can help you evaluate where you are and where you most want to go.