Retirement is the golden age of chillin’, right? No more alarm clocks, no more office politics. Just you, doing what you like on your own time. Seems like one big period of life to take it easy, but then again, retirement isn’t just a long span.
Another way to look at it is in three stages, with early, mid, and later retirement years. The first few years of retirement are what we call the “go-go years.”
And what in the world are the go-go years? Imagine it’s the honeymoon phase of retirement, where your knees still work, and your joints aren’t creaking when you get out of bed. These are the years when you are practically bouncing off the walls with energy and excitement. It’s the retiree version of a kid in a candy store. The world is your playground, and now is the time to make the most of it.
Everyone might plan on calling it quits with their work at some point. But what about “unretiring” and going back to work again after leaving the workforce?
Well, you have probably heard of some of the more glamorous instances of unretirement: Tom Brady’s comeback. That cringe-worthy commercial featuring NFL legends Dan Marino, Emmitt Smith, Randy Moss, and Jerry Rice. Even in the entertainment world, where long-time actors like Cameron Diaz are returning to the big screen and other acting work.
Of course, unretirement isn’t just for sports stars and celebrities trying to extend their glory days. In the real world, it’s a growing trend where, for various reasons, people find themselves back in the workforce after saying farewell to the daily grind. Sometimes unretirement is a freely made choice. In other cases, it’s forced or necessary.
Do you find yourself thinking about unretiring? In this article, we will dive into why some people are dragged into it while others choose to unretire for a second-act career, financial necessity, or drive to start a business. If you happen to find yourself in a situation of unretirement, there are steps that you can take to put your best foot forward. We will also talk about what those options can look like.
Does your financial plan cover the three phases of retirement? Once you have retired, it’s quite different from your career years. Now is the time to live off the fruits of your work and enjoy life on your own terms. You don’t want to leave your retirement lifestyle up to guesswork or chance. Your plan should make you confident that you will be able to retire well and then stay retired.
All of that said, retirement is a moving target, and it comes with distinct phases. These phases of retirement are:
The go-go years
The slow-go years
The no-go years
The go-go years are when retirees are in good health and able to do what they enjoy. That can be travel or physical activities such as pickleball or golf. The slow-go years are when retirees can still pursue those activities, but their level of involvement slows down a bit. Finally, the no-go years are when retirees have aged and their health has changed. They tend to need more long-term care support and other healthcare supports at this stage.
It’s hard to estimate how long each phase of retirement might last. That will depend on a retiree’s personal health, family history, history of taking care of himself or herself, and more. In this article, we will go over these three phases of retirement, what they might look like for how you spend your money and time, and things to keep in mind as you plan ahead.
Financially speaking, are you on track for retirement? Can you do more to reach your goals? These questions matter, and certain retirement rules of thumb can help you see where you are. But first, what is a retirement rule of thumb, and how does it work?
Quick sum-up. A rule of thumb is a general principle to help you make money decisions. For example, the Rule of 100 is a guideline for balancing risk in your asset holdings. We will discuss it more later, but you take your age and subtract it from 100 for an idea of what percentage of your portfolio might be in growth-oriented assets, such as stocks.
Building on that concept, a retirement rule of thumb is a quick way for assessing your progress in retirement planning. In this article, we will go over six retirement rules of thumb that you can use in different ways, including:
How inflation can affect your income in retirement
How much retirement money you might need
Again, these retirement rules of thumb are meant only as a starting point, like on a map. Your financial destination is your own, and a custom-tailored plan will help you get there.
Do you have a retirement plan set for your financial future? How often should you review your retirement plan in case you might need to adjust anything? Life changes or other things outside of our control can take our financial journey in a new direction. Your retirement plan should let you be able to pivot and change course as such things happen.
It’s good to have routine reviews of all aspects of your retirement plan so that you stay on point. Life is dynamic, and those unexpected events can otherwise have a big impact on your financial well-being. If your retirement plan is still on track, that is good news. If it isn’t, your financial professional can help you make corrections that steer you back in the right direction.
Since retirement planning is a moving target, we will go over a few things to keep in mind for your retirement plan review meetings in this article. That will include how often to review your plan, how to evaluate your plan, and when re-evaluation might be a good idea. Whether you are starting to plan for retirement in mid-career or you want to make sure that your current plan is on the right path, this guide will help you evaluate your financial progress.
After decades of work, you want to enjoy retirement on your own terms. It’s a big deal with a lot at stake. But a quality retirement doesn’t just come together. You need effective financial strategies set for protecting your retirement financial security. Discover 10 Retirement Protection Strategies for Your Golden Years to safeguard your financial outlook and ensure a comfortable, stress-free retirement.
Retirement is an exciting milestone after years of work. It’s a new chapter where we can relax, spend time with family and friends, travel, support personal causes, pursue opportunity, or else define our post-career life as we would like. Indeed, many retirees are taking their golden years by the horns and enjoying it on their own terms like no generation has before.
Of course, the path to a secure retirement has challenges. Part of that is navigating the “retirement risk zone,” or the 5-10 years leading up to retirement and in early retirement itself. This period has a big influence on your retirement money, so the strategies that you put in place (or don’t) could make a difference.
Given that, it’s natural for questions to come to mind. What should you look out for in the retirement risk zone? What sort of options do you have to protect your financial future during this time? Why is the retirement risk zone such a crucial point for your retirement outlook?
In this article, we will go over more about the retirement risk zone, its unique financial risks, and some ways to help you navigate this uncertain phase of life.
Once you reach your 50s, retirement is around the corner, but you probably have many life priorities at this point. Family, work, and other responsibilities take up a lot of attention. Planning for retirement may be the last thing on your mind.
Nonetheless, it’s still important to pause and reflect on what will matter to you in this next life chapter, even if you expect that your retirement will be 10 or more years from now. Seeing where you are financially and whether you can take more steps toward your retirement goals will give you more time to get everything in place. Of course, one of those goals will be ensuring that you have enough income to last for all of your golden years.
In your 50s, there is also the risk of “sequence of returns,” or having investment losses in the years just before or in early retirement. No one can predict what the markets will do, and the unfortunate timing of investment losses is what makes this a real hazard. Even small losses can have a heavy hand on your retirement income and what sort of lifestyle that you might be able to sustain.
So, how should you plan for retirement in your 50s? In this article, we will go over some high-level steps to follow, explore your options, and set a plan so that you can have lasting financial security once you are retired.
After working for many years, people want to have the best chance that they can get in enjoying a secure retirement lifestyle and staying retired. That brings up a crucial question in retirement planning. What financial strategies are most likely to get retirees to that point?
In a study conducted by Ernst & Young, researchers looked at a variety of financial strategies to see which ones would perform best. It brought up an intriguing result: financial strategies with permanent life insurance and deferred income annuities beat out investment-only strategies, providing retirees with enhanced benefits.
EY researchers looked at five different strategies using Monte Carlo analysis. The study findings claimed that taking income from annuities and permanent life insurance in retirement could indeed create better results for retirees.
In this article, we will dive into the EV study, its findings, and explore the reasons behind why these insurance-based strategies may help retirees beat the odds.
Retirement is a big life milestone, as it’s when people depart the workplace and start on a new chapter of personal fulfillment and exploration. However, life doesn’t just hit the pause button once you have retired. A number of post-retirement risks and challenges require careful planning and attention.
From outliving your income to a rising cost of living, here are a few things to keep mind in mind for post-retirement risks that you may come across. In this article, we will go over those risks and explore strategies to effectively manage them.
Start a Conversation About Your Retirement What-Ifs
Start a Conversation About Your Retirement What-Ifs
Already working with someone or thinking about getting help? Ask us about what is on your mind. Learn More
What Independent Guidance Does for You
What Independent Guidance
Does for You
See how the crucial differences between independent and captive financial professionals add up. Learn More
Stories from Others Just Like You
Stories from Others
Just Like You
Hear from others who had financial challenges, were looking for answers, and how we helped them find solutions. Learn More
Sign Up for Our Newsletter
Get a monthly email on the latest news, tips, and practical strategies involving your retirement and money.
Among many other topics, learn how you can make your money last for as long as you need it, can protect your wealth against current and evolving risks, can maximize your income, and can stay retired comfortably.
