As you approach your final working year, you are likely looking forward to living the retirement lifestyle. However, there are a few final do’s and don’ts you should keep in mind during this last year to ensure you are on solid financial ground in time for your retirement. If you have questions or concerns about retirement planning, your financial planner at Financial Directions, LLC can help you develop a smart retirement and investment portfolio, regardless of how many years you plan to continue working.
Re-Evaluate Your Cash Flow Needs
It can be difficult to estimate your post-retirement cash flow needs early on in your career. As you approach the last year of your working life, it’s also the perfect time to re-evaluate your expected cash flow needs to ensure you’ll have the monthly income you require, even after you stop working. If you find that your retirement savings will fall short, your financial advisor can help you make some smart changes to your investment and retirement plans to accommodate your future needs.
Refinance Sooner Rather Than Later
Refinancing your mortgage or auto loan can be a smart move later in life, but it’s a move that is best made while you are still working. Even if you have sufficient funds, it can be more difficult to convince a lender to allow you to refinance your loans after you are retired and no longer have the same type of income as you enjoyed during your working years. Along the same lines, if you plan to make big-ticket purchases that may require a loan, plan to purchase these items before you retire, not after.
It is never too early or too late to save for your retirement—at Financial Directions, LLC, our investment and retirement planners specialize in personalized financial planning to help you meet your financial goals. We invite you to explore our services online, or give us a call at (520) 408-7777 to schedule a consultation.