Centrus Financial Strategies

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You’ve Made It!​

You spent years dreaming of this moment. You planned, set the date, put in your notice and walked away! You are now retired. How does it feel? You relax, do a few projects around the house, visit with friends and family and maybe even take a trip or two. But then what? After the first several months, maybe a year, some new retirees find themselves in a period of transition similar to the reality that sets in once the honeymoon is over after getting married. After all the planning and excitement is over, new feelings of restlessness, uncertainty, purpose and boredom may set in. Some are unsure what to do next and have questions of who they are now and what their purpose is. There is still a long road ahead.

Here are a few things to keep in mind.

1

Working in Retirement: Many Key Benefits​

Wait, What?! More Work? Yes, many retirees find they are left with too much free time and too much energy to not return to some form of employment. In some cases, they may also realize they didn’t save enough. They decide to return to work either full or part time. Others turn a hobby into a business. Here are several reasons why some people decide to go back to work.
2

The Financials Have Not Gone Away

Just because you have retired doesn’t mean you can take your swing out of the game. Meet with your advisor and tax professional once a year at minimum to ensure your plan stays on the right course. Adhere to your budget and don’t go crazy spending. Your assets have to last you the rest of your life. And that could be another 20 or 30 years. Let them help you continue to make the right decisions. Your financial plan may need slight adjustments over time. The stock market may fluctuate, you may have unexpected expenses, or you may even decide on a different course for your retirement. Regardless of the reason, meet with your financial professionals to ensure your plan is continually being monitored and adjusted as needed.
3

Distribution Phase

All of your working life you were in the accumulation phase. You were earning and saving. During retirement, the table flips. Now you are drawing on those assets you had been building up. If you have a proper plan in place, your assets should be laid out to meet your retirement needs now, soon and later. You will also need to ensure that your nest egg will outlive you. Work with your financial advisor to determine exactly how much you can with draw during each year of your retirement for the rest of your life. Also work with your tax professional to ensure you withdraw funds from the most tax advantage accounts.
4

Adjusting to a New Schedule and Your Family

For so many years you were programmed to a routine revolving around, first your education, and later your employment. Get up, get ready, work all day, go home and repeat. And unless you keep working in retirement, you don’t have to get up at a certain time anymore. You don’t have to go to work anymore. You don’t “HAVE TO…..” do anything. And if you are married or sharing your home with others, you may also now find an adjustment period of acclimating to being around each other for many more hours in a day. This transition can be a challenge for some. This is when you want to create a new routine for yourself as well as for those you share your home with. Spending more time with friends, family and your spouse is great. But everyone still needs some alone time. Make sure you are still enjoying your retirement the way you want to.
5

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:

For more information on Social Security, visit https://www.ssa.gov.

6

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:

Your Estate Planner or Financial Advisor can further assist gathering other information and help you be organized and prepared.

7

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.

8

Social Interaction

Once you finally do retire, you may find you have lost some of those connections with coworkers and your social life may have been reduced. Going to work every day kept you interacting with others. But what happens next? Some retirees find after the initial joy of retirement wears off, they long for the friendships and social interaction they had at work. There are solutions to replacing these relationships. Join social groups to make new friends. Stay active in your community through a local community center, church, neighborhood watch, hobby group, charity and others.
9

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

10

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.