6 Tips for Retirement

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6 Tips for Retirement

Managing your finances for retirement is an important challenge everyone faces. Applying small tips like the ones below, can help you prepare for a more comfortable retirement and set you up for greater kingdom impact.

  1. Keep an eye on investments before you retire

Money is most vulnerable as you near retirement. Consider investing in a plan that provides some predictability and that you are not overspending. But keep in mind, predictable investments come with lower returns. 

  1. Create a plan for retirement spending with your spouse

Make sure you’re on the same page when it comes to spending and have expectations on what you think you should and will spend once retired.

  1. Consider working with an investment professional

A good investment professional can help you wade through the waters of creating a strong retirement plan. They can also help you build an expected annual budget for retirement and provide tools to help you stick to your goals. Additionally, consider having a tax plan that helps support your overall retirement plan.

  1. Inflation is a fact, consider it in your plan

Inflation is a constant, even if we don’t know what the numbers will be long-term. Expect that as time goes on, inflation will impactthe power of your retirement fund and work with your investment professional accordingly.

  1. Expect to spend more

No matter what you plan for, unforeseen expenses will arise. The heart of man plans his way, but the Lord establishes his steps. Proverbs 16:9 (ESV)

Just as you have an emergency fund while working, planning for these expenses in retirement can help ensure you won’t be dipping into your long-term funds when extra costs occur.

  1. Consider your charitable giving

Is charitable giving something you’d like to continue once retired? Make sure you take advantage the most tax-efficient ways that can save you money and help maintain your retirement savings.

For more information on giving in retirement, download our FREE e-book, Tax Efficient Giving

Disclaimer: Focus on the Family does not provide legal, tax, financial or other professional advice. You should consult professional advisors concerning the legal, tax, or financial consequences of your charitable activities