Approaching Retirement: What You Should Be Doing Now

June 2, 2023
You’ve worked hard to save toward your retirement goal, and as it gets closer, now is the time to make some important decisions and nail down the specifics.

Here are some things to consider and questions to ask yourself to ensure a smooth transition to retirement.

Consider Your Goals, Wishes, and Priorities

  • What type of lifestyle do you plan on living?
  • What aspirations do you have for life in retirement?
  • Do you plan to work during your retirement?
  • Where will you be living (i.e., your current residence, downsizing, relocating)?

The Family Conversation

  • If you have a partner or spouse, are you both on the same page as far needs, goals, and expectations?
  • Will you have any dependents that who will count on you for personal or financial support?
  • Do you have any children or grandchildren who will have education expenses you would like to help fund during retirement?

Know Your Numbers

  • Should you take Social Security immediately upon eligibility or delay?
  • What will your Social Security income be if you take it upon eligibility versus delaying?
  • Have you taken stock of all of your assets and accounted for any debts?
  • Begin solidifying your retirement income plan: where exactly will your income be generated from? Which assets you will begin drawing down from and when?
  • Will you be eligible for Medicare coverage? Will you need supplemental medical coverage?
  • Consider the tax implications of your retirement residence (i.e., state Social Security, income, and sales tax rates)

Be Smart With Saving and Investing

  • Are you eligible for retirement savings account catch-up contributions? If so, amp up your retirement account contributions.
  • Have you considered insurance options to help protect your retirement income and savings from potential health and long-term care costs?
  • Is your portfolio well diversified and aligned with your retirement goals?
  • Are you making an effort to limit new debt and pay down existing debt?
  • Do you have a clear picture of where all of your 401(k) assets currently reside and how they could work together effectively?

Working With Janney

Depending on your financial needs and personal preferences, you may opt to engage in a brokerage relationship, an advisory relationship or a combination of both. Each time you open an account, we will make recommendations on which type of relationship is in your best interest based on the information you provide when you complete or update your client profile.

When you engage in an advisory relationship, you will pay an asset-based fee which encompasses, among other things, a defined investment strategy, ongoing monitoring, and performance reporting. Your Financial Advisor will serve in a fiduciary capacity for your advisory accounts.

For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

By establishing a relationship with us, we can build a tailored financial plan and make recommendations about solutions that are aligned with your best interest and unique needs, goals, and preferences.

Contact us today to discuss how we can put a plan in place designed to help you reach your financial goals.
Janney Montgomery Scott LLC, its affiliates, and its employees are not in the business of providing tax, regulatory, accounting, or legal advice. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.

Related Articles

For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

To learn about the professional background, business practices, and conduct of FINRA member firms or their financial professionals, visit FINRA’s BrokerCheck website: http://brokercheck.finra.org/

;