What is it about Birthdays that makes us take stock? At a recent review meeting Brad told us that he had recently turned 60 and it had prompted him to think about retiring. The idea of not having to work anymore was suddenly very appealing, but he was concerned that he wasn’t going to have enough to fund a comfortable retirement.
The current volatility in the market is being driven by several factors including geopolitical tensions between Russia and Ukraine, Omicron and a pandemic driven supply chain crisis. However, one of the key contributors for the fall, is the expectation of rising inflation. The Federal Reserve has changed its tune and has clearly indicated a rise in interest rates is imminent.
Finally, it’s time to pull up stumps. You have worked hard and feel its time you spent more time doing things you enjoy rather than working. Retiring is a major life moment and it’s important that you have the right plans in place to make the most of this milestone. We have prepared a checklist of things to think about if you are retiring this year.
Retirement is often a catalyst for selling the family home and moving somewhere smaller. Changing needs, lifestyle and financial considerations all come into this decision. When deciding where to retire the cost of real estate is often a major factor and may provide an opportunity to put some extra cash in the retirement fund.
Deciding where you are going to retire to often comes down to affordability, climate preferences and access to healthcare. Often our clients also say they would like to be close to their children and grandchildren. While it can be tempting to follow your kids around, we know they can’t always be relied on to stay. Job transfers or other reasons may mean they move on and that can be disruptive in retirement. There are so many wonderful locations to choose from in our beautiful state so it shouldn’t be too hard to entice your family to visit, at the very least.
