One of the key questions we all face is how to manage our lives during the retirement years. We have some expert advice on putting our financial plans in order – as well as leaving a lasting legacy and finishing well. Paul Stein from Advanced Retirement Resources and Kirby Stoll from the Northwestern Foundation are here to help us focus specifically on retirement planning.
The retirement plan choices available to us today are significantly different than those available to even the preceding generation. We’ve seen a profound shift in the amount of time most workers spend with one company, alongside changes in how we view vocational loyalty and career mobility. Paul says that situation has its positives and negatives. He says there are opportunities to capitalize on this new environment.
Paul notes that it’s usually a simpler affair to manage your retirement when you have fewer retirement accounts. His general recommendation is to consolidate. Kirby adds that, when you look to keep your proverbial eggs in fewer baskets like this, it becomes even more important to know what’s in the basket!
Kirby says that it’s never too soon to begin planning for retirement, and never too late either. A wise place to begin the financial side of retirement planning is seeing what you need to live off of now.
Remember – there are many things you can do before and after retirement to accumulate income and pay less taxes. A diversified portfolio & professional advice can go a long way.