Retirement planning is not what it used to be. With folks living longer, financial resources may need to extend beyond the previously expected span of retirement. The traditional view of retirement, often seen as a 20-year period, is being reexamined. Longer life spans suggest that financial resources may need to stretch further.
Extra Time Beyond Retirement
With the possibility of retirement lasting longer, a lifespan could include approximately 8,000 days beyond the conventional retirement age. Understanding retirement as a multi-phase journey can help with the planning process. Let’s explore a few different chapters of retirement planning below.
The Honeymoon Chapter
This phase typically begins immediately after retirement when you actively pursue hobbies and travel. Retirees are eager to engage in new hobbies, travel, or other activities they've been putting off. With our financial planning resources available, we can help you plan for travel, leisure activities, and experiences, ensuring these pursuits can be financially sustainable.
The Big Decision Chapter
In this stage, many retirees start to make significant life decisions. This may include relocating to a retirement community, downsizing their home, or even moving closer to family. A benefit of a financial advisor is the opportunity to plan for potential home sales and purchases, including understanding the tax implications and estate considerations.
Navigating Longevity
This phase is often marked by a more settled lifestyle. Health and mobility issues may start, requiring adjustments in lifestyle and possible medical care. StackStone Wealth focuses on long-term healthcare planning. We also advise on managing investments to help provide a steady income stream that may help support increased healthcare costs.
The Solo Journey
This later stage may include a time when you might be living alone, due to the loss of a spouse or partner, or due to personal choice. This phase also involves revisiting beneficiary designations and ensuring that any charitable giving or legacy wishes are outlined in your estate plan. We can provide guidance on how to help you manage and transfer your wealth.
Your Retirement Outlook
Understanding retirement not as one chapter, but rather as four phases, helps ensure that realistic plans are set in place. If you are looking to understand how these phases apply to your personal retirement plan, or if you have further questions, we invite you to reach out to the StackStone Wealth Team. Together, we can explore how to help you improve your extended golden years.
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