Just saw us on

?

You’re Ready to Retire – But Are Your Finances?

You’re Ready to Retire – But Are Your Finances? Cornerstone Wealth Management

You’re Ready to Retire – But Are Your Finances? Cornerstone Wealth Management

Many people feel ready to retire, but fewer are actually financially ready to do so. It’s one thing to feel you’ve accomplished enough in your career or even that you’ve saved enough, but it’s another to actually have a plan in place that covers everything important. If you’re ready to retire, consider your finances.

Have a Plan, Not Just a Portfolio  

Now that you’ve accumulated wealth, the question becomes how you’ll use it to fund your retirement. As we’ve seen, the market is unpredictable. It’s one thing to have a bunch of investments, but it’s another thing to have a retirement investment strategy and a plan for making those savings last for the rest of your life. Consider what would happen if we saw a major market correction or if you lived for 30 or more years in retirement. Would you be worried about running out of money? A plan can help you address that worry in a way a portfolio can’t.

Consider How Much You Could Spend on Healthcare

Inflation could mean higher prescription and medical supply prices in the short term, and health care costs typically outpace inflation over the long term, regardless of market conditions.[1] This means healthcare costs can be a major retirement expense to include in your budget. So, how much could you actually end up paying? Well, according to a model Vanguard developed with Mercer Health, even with Medicare, average health care costs can reach over $5,000 per year.[2]

If you’re retiring before age 65, the age at which you become eligible for Medicare, consider how you’ll pay for insurance. If you’re 65 or older, know all of your options for Medicare and how much they cost. For example, there are many different ways to pay for extra coverage in addition to Original Medicare Parts A & B, including Medicare Advantage Plans and Medigap.

Don’t Forget About Your Estate Plan

Those who die without a will have their estate go through probate. This means that a probate court decides how to distribute your property. If you would rather manage those decisions rather than hand them over to a stranger, then consider creating an estate plan. In addition to a will or a trust, you can name a beneficiary on your retirement account. If you made a designation many years ago that you would like to change, you could change it to better reflect your current wishes.

Retiring without a plan is like driving in an unknown place without a map – you’d just be guessing where you’re going. We can help you map out your retirement journey so that you know where your money will come from and who it will pass to after your passing. If you’re thinking about retirement or have retired, click here to sign up for a time to speak to us at Cornerstone Wealth Management to get your questions answered.

[1] https://www.kiplinger.com/retirement/retirement-planning/604740/rising-health-care-costs-and-the-impact-on-soon-to-be
[2] https://investor.vanguard.com/investor-resources-education/retirement/planning-healthcare-in-retirement


The article and opinions in this publication are for general information only and are not intended to provide specific advice or
Recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your
Individual situation. This content was created by Lone Beacon.

Registered Representatives offer securities through Independent Financial Group, LLC (IFG), Member FINRA/SIPC. Investment
Advisor Representatives offer Advisory services through Independent Financial Group, LLC (IFG), a Registered Investment
Adviser. Cornerstone Wealth Management, Cornerstone Tax Advisory and IFG are unaffiliated entities.

Share This Post:
Cornerstone Wealth

SERVICES

Cornerstone Wealth

Schedule a Call

Ready to take control of your financial future? Schedule a call with Cornerstone Wealth Management today.

Join Our Mailing List

FINANCIAL INSIGHTS DELIVERED STRAIGHT TO YOUR INBOX

Birthdays Over 50 Worth Celebrating
READ OUR LATEST GUIDE

Birthdays Over 50 Worth Celebrating

Before you start planning for retirement, make sure you put these relevant dates in your calendar. Beginning at 50 years old, there are several birthdays that are essential to be aware of as they can influence your retirement timeline and overall financial plan.

The Fundamentals of Estate Planning
READ OUR LATEST GUIDE

The Fundamentals of Estate Planning

Estate planning can be an emotional process. After all, it’s difficult to think about things like who will raise your children, or which loved one will best manage your financial assets. Estate planning is necessary, however, because without a will, your estate may end up in court. This means it could be divvied up based on a judge’s ruling, rather than on your personal wishes.

Making the Transition to Retired Life
READ OUR LATEST GUIDE

Making the Transition to Retired Life

After all your years of hard work and disciplined saving, you’ve made it to retirement – congratulations! Now, the challenge becomes tackling common retirement transition concerns so that you can live out the ideal retirement you’ve dreamed of.

Addressing Market Volatility in Today's World
READ OUR LATEST GUIDE

Addressing Market Volatility in Today's World

Planning for retirement is never a “set it and forget it” task. There are unexpected disasters, market drops, and changing laws that could cause retirees to reevaluate their financial situation. Ultimately, there’s no way to predict everything that will cause market downturns. However, you can prepare yourself for one by having a solid financial strategy in place.

What to Consider in Your Charitable Giving Plan
READ OUR LATEST GUIDE

What to Consider in Your Charitable Giving Plan

Congratulations! You’ve decided to give to a charitable organization. Charitable giving is a wonderful way to help further causes you are passionate about and feel good while doing it.

The Importance of Designating Beneficiaries
READ OUR LATEST GUIDE

The Importance of Designating Beneficiaries

When life gets hectic and your to-do list seems endless, it can be easy to let financial planning details slip through the cracks. However, updates to your designated beneficiaries on 401(k) plans, IRA accounts, and other retirement assets is vitally important.

Managing Inflation in Retirement
READ OUR LATEST GUIDE

Managing Inflation in Retirement

You may have noticed that the things you buy regularly have become more costly, and you may be pondering if inflation will stay high. For individuals close to retirement or already retired, it is essential to take measures to protect themselves from the eroding effects of inflation.

Birthdays Over 50 Worth Celebrating
READ OUR LATEST GUIDE

Birthdays Over 50 Worth Celebrating

Before you start planning for retirement, make sure you put these relevant dates in your calendar. Beginning at 50 years old, there are several birthdays that are essential to be aware of as they can influence your retirement timeline and overall financial plan.

The Fundamentals of Estate Planning
READ OUR LATEST GUIDE

The Fundamentals of Estate Planning

Estate planning can be an emotional process. After all, it’s difficult to think about things like who will raise your children, or which loved one will best manage your financial assets. Estate planning is necessary, however, because without a will, your estate may end up in court. This means it could be divvied up based on a judge’s ruling, rather than on your personal wishes.

The Birth of a Grandchild
READ OUR LATEST GUIDE

The Birth of a Grandchild

Congratulations! The arrival of a grandchild is always an exciting time. Since many grandparents wish to assist in covering their grandchildren’s future financial needs, it’s also a good time to consider financial preparations for the future. If you hope to provide funds to your grandchildren, both 529 plans and trusts are beneficial options.

Cornerstone Wealth

WELCOME TO OUR NEW SITE

We've Made Some Big Changes

We’re delighted to introduce our new and improved online space tailored to elevate your online experience.

If you have any thoughts, questions, or if you’d like to schedule a consultation drop us a line. Your insights help us refine our services.

Making the Transition to Retired Life
READ OUR LATEST GUIDE

Making the Transition to Retired Life

After all your years of hard work and disciplined saving, you’ve made it to retirement – congratulations! Now, the challenge becomes tackling common retirement transition concerns so that you can live out the ideal retirement you’ve dreamed of.

Skip to content