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You’ve Made It!
Here are a few things to keep in mind.
Working in Retirement: Many Key Benefits
- • Additional Income
- • Health Insurance
- • Keeping physically & mentally active
- • Social Interaction
- • Feeling of usefulness
- • Exploration of a different skill set
The Financials Have Not Gone Away
Distribution Phase
Adjusting to a New Schedule and Your Family
Claiming Social Security
Filing for Social Security isn’t always as cut and dry as; “you file when you turn X years old… The end”. There are many nuances to know when and how it is best for you and your portfolio to file. Consult with your financial advisor to determine what is right for you. There are several key points that may help you decide whether to file, wait, or file under your spouse. You will need your most recent Social Security Statement to begin the process with your advisor. Here are some things to consider:
- • You can file as early as 62.
- • Your full retirement age depends on when you were born. Either 66 or 67 years of age.
- • Your retirement benefits will continue to increase through age 70 until you file for benefits.
- • You may qualify to file under your spouse if his/her benefit is larger.
- • There are many other rules to consider, which can be overwhelming. For this reason it is recommended to seek a financial advisor’s assistance which this.
For more information on Social Security, visit https://www.ssa.gov.
Family Estate Organizer
Do you know what key goes to which lock? How about your usernames and passwords, are they memorized? Who will make decisions for you should you become incapacitated? There are many things like this you will want to have organized. A Family Estate Organizer can be a sort of One Stop Shop for everything legal and important. Here are some items you will want to gather and have ready:
- • Usernames and Passwords to ALL accounts
- • Banking
- • Credit cards and loans
- • Utilities and other home bills
- • Social media accounts
- • Etc.
- • Key copies and a list of what they go to
- • Legal documents such as
- • POA, Health Care Designation, Last Will & Testament, Life Insurance, LTC
- • Medical history, current medical conditions & medications
- • List of investment accounts, insurance policies etc.
Your Estate Planner or Financial Advisor can further assist gathering other information and help you be organized and prepared.
Legacy Planning
What do you want to leave behind? Donation to charity, money or property to the family, or nothing at all? If you have not already done so, now is the time to start deciding how you want your estate to be settled whether you pass away tomorrow, next year or 20 years from now. Make those decisions as early as possible, share them with family and work with an estate attorney to ensure all the proper legal documents are in place.
Social Interaction
Family Traditions
With all your newly found free time, you may want to spend some of it with family. Share your stories and traditions with your kids and grandkids. Tell them stories from your life to create a deeper bond. Let them know about their great grandparents and other ancestors. Pass on or even create some new family traditions. Pick up the phone and start a conversation, or learn how to use a video chat on Skype (or via your mobile phone) so you can talk to and see family members who may be far away.
https://www.thebalance.com/what-to-do-in-retirement-one-of-these-7-things-2388784
Learn Something New!
Was there something you’ve always wanted to learn to do? Whether it be fly fishing, woodworking, or needlepoint, retirement can be the perfect time to learn something new. You can usually find affordable local classes (on almost any subject) that are taught by your city’s park and recreation department, by a local community college, or by a local business or hobby store.
Learn Something New!
Some retirees find what they miss most is a sense of contributing to another’s success. Volunteering can be a great way to continue to contribute in an area that matters to you. It could be teaching children to read, volunteering at a local school, helping out at an organization that feeds the homeless, or using your business skills by donating time to an organization like SCORE that helps new business owners. There are organizations that specialize in volunteer opportunities for those age 55 and older. Check them out and see what’s out there.
Teach
Some retirees find what they miss most is a sense of contributing to another’s success. Volunteering can be a great way to continue to contribute in an area that matters to you. It could be teaching children to read, volunteering at a local school, helping out at an organization that feeds the homeless, or using your business skills by donating time to an organization like SCORE that helps new business owners. There are organizations that specialize in volunteer opportunities for those age 55 and older. Check them out and see what’s out there.
Good guidance inspires the confidence to stay on course with our wider variety of financial solutions.
What’s next?
Centrus Financial Strategies is a financial services firm that takes a tax smart approach to designing financial plans that meet clients where they are and works with them to achieve their retirement dreams.
We work each day to achieve and sustain a trusted advisor relationship with our clients. We look to both our people and proven processes to get the job done. In this capacity, we have the wisdom and the tools to take our clients to their desired destination. We can guide, direct, inform and counsel our clients so that they can achieve their best life.
To learn more, feel free to visit us at centrusfs.com, or call us at 888-534-9994 to set a 15-minute consultation. We look forward to speaking with you.
