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Planning Your Transition into Retirement Thumbnail

Planning Your Transition into Retirement

Financial Planning

BY nicole t. strbich, CFP®, CPWA, EA – Managing Director of Financial Planning 


Retirement is something that many of us eagerly anticipate, but few think about the changes that really occur at this time in our lives.   There are a number of tasks and considerations that are important to evaluate before you make this leap.  Below is a list of a few items to help get you started:

  • What timeframe do you need to start this process with your employer?  
    • How much notice do you need to give and how long will it take to start any benefit programs? (e.g. a pension or heath reimbursement account)
  • Do you have a financial retirement plan in place?  
    • Do you know where your income in retirement will come from?  What is your Social Security benefit?  Have you evaluated any pension options and considerations?  Do you understand your rate of distribution in retirement? 
  • What is your new health insurance plan?
    • Are you changing to Medicare and supplements, or do you need to purchase an individual health insurance plan since you are younger than 65? What will your out-of-pocket costs be?  Will your network and doctors change?
  • Are your investments ready for your retirement?  
    • Have you prepared your portfolio for your retirement?  Are your short-term funds in a position away from market volatility? Are you still in a position to capture growth with your long-term funds?  
  • Do you understand the taxation of your resources in retirement? 
    •  What is your plan for which funds to utilize first in retirement?  How will your Required Minimum Distributions (RMDs) impact your plan in retirement?  What will your tax bracket be in retirement?
  • What will you do in retirement?
    • How will you spend your day? What are your hobbies and interests? How will you stay mentally and physically active? 
  • What is your retirement identity?
    • What will make you happy in retirement?  What are your priorities and goals for your retirement? How will your social structure change? 

Looking at this list can be intimidating, but taking this process step by step and working with experienced fiduciary advisors can help you customize plans to your specific situation, handle these questions, and enter your retirement with confidence.  

Often times, the last two questions on this list can be the most neglected and can lead to frustration and initial disappointment in retirement.  Failing to address the ‘non-financial’ considerations of retirement can lead retirees to spend their early years of retirement without the purpose they thought they would have.  

Please join us at “A Meaningful Retirement: Beyond Finances Workshop”, this seminar will be presented in person and virtually on Thursday, June 6th at 5:15 p.m. by Marla R. Chambers, CPA, CFP®, CRPC.  Marla is a Senior Financial Planner and Retirement Coach with Buckingham Advisors and she will help you address the last two questions listed above and increase your overall retirement well-being.  Please register at www.mybuckingham.com/events or call (937) 435-2742 to attend.  

If you have any questions, or if our team of financial planners can help you navigate your retirement transition, please email service@mybuckingham.com or call (937) 435-2742.