The 3 Most Important Objectives Moving into Retirement (in order of priority)

(don’t forget to checkout the video of this blog too)

Saving enough money for retirement is the first phase of retirement planning.

But, there is a very important second phase as you move into retirement.

Here are the 3 most important objectives as transition into the second phase of retirement planning:

✅ Retirement Income Planning

Ensuring you have enough retirement income is one of the most important aspects of phase 2 in the retirement planning journey‼️

This means having an income strategy in place for how you will fund your lifestyle in retirement.

You could rely solely on the stock market, your Social Security income, and even rental income (if you have any).

Or maybe you’ll leverage some of your retirement dollars in a lifetime income annuity like I often recommend.

No two plans are exactly the same but you just need to figure out the following:

Where your income is coming from⁉️

How long you need it to last⁉️

And how much (if any) you would like as contractually guaranteed for life⁉️

✅ Wealth Preservation & Long-term Growth

Inflation can erode away a large chunk of your wealth over time if you’re not careful.

There are also larger expenses that can occur in retirement that might be unexpected (like a potential long-term care event).

That’s why it’s important to still have a plan for your wealth BEYOND your monthly income.

This might mean using safer financial instruments with guaranteed returns..

But, it also likely means staying invested in the market on some level.

You really don’t want to divest all of your money out of the market at retirement, otherwise you could be giving up 20–30 years of market growth.

This can be a great asset to help offset any unforeseen expenses in the future…

Or as a way to start helping your loved ones plan their own financial future.

✅ Tax Mitigation & Wealth Transfer

Once you’ve created your own income plan and have a solid wealth-building strategy in place..

You’re likely going to want to start planning the strategic transfer of your assets.

If done correctly you can ensure that your loved ones inherit wealth that is 100% tax-free.

This might mean repositioning your taxable retirement account into vehicles that transfer to loved ones tax-free.

It may also mean implemented an annual, tax-free gifting strategy.

It may also be a combination of the 2 strategies above.

The bottom-line is that it can be done with just a big of foresight and some smart, financial, legacy planning.

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