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Most people tend to approach their retirement years with a view towards a time of less stress, relaxed living, and no major worries. However, actual experience usually proves that life after a career can still be complicated. A sound financial plan and smart investing many have prepared you financially for retirement, but what about post retirement?

Although retirees do not have the day to day decisions and deadlines of work to contend with, they still need to navigate through post retirement transitions. In fact, you may find yourself making some very major decisions in a short time period, requiring quite a few ”changes” to adjust to. Some examples are downsizing a house, moving to a new geographic location, and treating health issues.

Planning for Retirement

A post retirement plan can help. The planning process starts with envisioning what your retirement life will be like. Divide these years into five to ten year increments and write down what you would like to be doing within those time frames. For example, maybe for the next five years you intend to travel or you may want to live for a time on a boat or in a different part of the world. Based on your goals, you can then set out some practical steps to make them happen. A good outcome of this process is that it allows you to consider all possibilities, decide what is doable, and weed out some ideas that maybe, sounded fine at one time, but really are not suited for you now.

Many retirees choose to become “snowbirds”. They live in the north during the warmer months and “migrate” to the south during the colder months of the year. If that is your goal, then an action plan can be outlined to achieve it. Where will you live in each location? A house or a condo? How will you travel back and forth? What medical services are provided in each area? How about the community and the ability to develop friendships?

Creating an Investment Plan

Once the action plan is prepared, an investment plan can be devised to accomplish each goal. Because investments have varying time constraints and risks, each can be lined up to be support you financially during the targeted time segment. Also, costs and expenses can better be determined. For example, some “snowbirds” have calculated that it is less expensive to spend months at a time on a cruise ship then to buy or rent a condo. Others want the permanence of maintaining a garden in their own home.

Choose Punta Gorda Financial Planning for Retirement Income Strategies

By visioning your life in your elderly years, you can plan in advance for transitioning to a senior community or making sure you live near relatives who will help with your care. Again, your investments can be structured to best support your objective.

Life is full of surprises. A well thought out post retirement plan can help you make sure most of them are good ones. At Punta Gorda Financial Planning, we specialize in retirement income strategies. We can help you develop the best possible one for you. Contact us to learn more.

Written by Thomas M. Geier, CPA, CFP®, PFS.
My aim is to offer clarity to your finances. I specialize in helping individuals and families determine what is most important in their financial lives, identify short and long-term goals, and make great choices for achieving comfort, security, and peace of mind.

I graduated from Loyola University in Baltimore, Maryland, and have been a Vice President of our investment management affiliate, Geier Asset Management, Inc, since its founding in 1999. I have over 25 years' experience in financial planning and investment management and am licensed as a Certified Financial Planner® professional, a CPA, and Personal Financial Specialist. I am member of the Personal Financial Planning section of the American Institute of CPS's and Florida Chapter of the Financial Planning Association.