Three Tips To Help You Prepare For Retirement

Joshua Dobi |

At North Main Financial, we tell clients that retirement can be a whole new season of life. While retirement is an exciting time, it can also be an uncertain time for many reasons. As you begin to prepare for retirement, start visualizing the kind of life you want. Will you work part time, travel, volunteer, or maybe start a new business?


When thinking about retirement from a financial perspective, there are many things to consider. Keep in mind, the sooner you start, the better. Taking small steps now can make a big difference down the road and put you in a better position.


Here are three tips to help you prepare for retirement:


Plan for retirement in advance.

If you can do it, try to begin planning for retirement while you are still working. It’s not wrong to plan after you’ve retired, or to do some re-evaluation after retiring. However, if you can plan while you are still working, it gives you some runway to make tweaks as you approach retirement so you can meet your goals.


Understand your budget.

It’s a good idea to have a conceptual idea of what your budget will look like in retirement. Everyone manages a budget different. There are people who don’t write down anything and there are others who write down everything. There is no right or wrong answer here. The key point is to know what your budget will look like, so you are able to live within your means.


Don’t forget to allow yourself enough “fluff” in the system to be able to adjust or go a different direction. There will always be things that happen that you don’t anticipate, and you want to make sure to account for those.


Review your key documents.

Create a list of all your key documents and review them. These documents can include investments, estate planning docs, and insurance policies. For example, when planning for retirement, you may review your life insurance policy and consider whether you still need it or not. Also, be sure to review your beneficiary designations and then overall, make sure these documents are in line with the direction you want them to go.


Everyone’s space is different so it’s always a good idea to consult with a financial and/or tax professional to help you determine what’s best for your space.


If you have questions about your financial goals or would like to talk with us further about our services, give us a call at (704) 987-1425 or visit us at If you wish to schedule an introductory meeting, we would be happy to meet with you at no cost or obligation to you.


You may also be interested in the following articles:


When Is The Best Time To Take Social Security?


Three Ways the Stock Market Can Affect Your Portfolio


These Blogs are provided for informational purposes only and should not be construed as investment advice. Any opinions or forecasts contained herein reflect the subjective judgments and assumptions of the authors only and do not necessarily reflect the views of SagePoint Financial.