The retirement reality check

The retirement reality check

January 09, 2023
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Little things to keep in mind for life after work.1


Decades ago, there was a book entitled, What They Don’t Teach You at Harvard Business School. Perhaps someday, another book will appear to discuss certain aspects of the retirement experience that go unrecognized – the “fine print,” if you will.

HOW WILL YOU SAVE IN RETIREMENT?

More and more baby boomers are retiring with the hope that they can reach 100 years old. This is becoming a real possibility thanks to healthcare advantages and generally healthier lifestyles.

We all save for retirement. However, with our increasing longevity, we will also need to save in retirement for the (presumed) decades ahead. That means more than budgeting; it means investing with growth and tax efficiency in mind, year after year.

COULD YOUR CASH FLOW BE MORE IMPORTANT THAN YOUR SAVINGS?

While the #1 retirement fear is someday running out of money, your income stream may actually prove more important than your retirement nest egg. How great will the income stream be from your accumulated wealth?1

WHAT WILL YOU BE DOING IN RETIREMENT?

In the classic retirement dream, every day feels like a Saturday. Your reward for decades of work is 24/7 freedom, but might all that freedom leave you bored?

A goal-oriented retirement has its virtues. Purpose leads to objectives, objectives lead to strategies, and strategies can give some structure and order to your days and weeks. That can help cure retirement listlessness.

WILL YOUR SPOUSE WANT TO LIVE THE WAY YOU LIVE?

Many couples retire with shared goals, but they find that their ambitions and day-to-day routines differ. Over time, this dissonance can be aggravating. A conversation or two may help you iron out potential conflicts. While your spouse’s “picture” of retirement will not simply be a mental photocopy of your own, the variance in retirement visions may surprise you.

WHEN SHOULD YOU (& YOUR SPOUSE) CLAIM SOCIAL SECURITY BENEFITS?

“As soon as possible” may not be the wisest answer. An analysis is needed. Talk with your M3 financial advisor and run the numbers. If you can wait and apply for Social Security strategically, you might gain as much as hundreds of thousands of dollars more in benefits over your lifetimes.

CONTACT US today to discuss your retirement strategy.


1- Transamericacenter.org/docs/default-source/retirement-survey-of-workers/tcrs2021_sr_four-generations-living-in-a-pandemic.pdf [8/1/21]

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*This material was prepared by MarketingPro, Inc. and does not necessarily represent the views of the presenting party, nor their affiliates. The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.