Over 10,000 Americans each day are turning 65 years old. For many of these individuals, retirement is an ongoing discussion and concern. At Churchill Management Group at Focus Partners Wealth, we help our clients develop a written financial plan to help them successfully enjoy their retirement years.
Below Is A List To Review If Retirement Is On The Horizon
- 1. Decide how you are going to spend your time. What are you going to do during the first year of retirement and what do you plan to do for the next chapter of your life?
- 2. Calculate how much money you will spend each month. Plan for periodic expenses including house maintenance, vacations, taxes, vehicles, and emergencies.
- 3. Add up your sources of retirement income. You have already figured out what you’ll spend on a monthly basis. Now figure out where that money will come from.
- 4. If still carrying a mortgage, consider a refinance or pay off your mortgage. Many people are surprised to discover that they either cannot borrow money after their retirement or they are forced to pay higher rates. Also, depending upon the type of loan you are carrying, in a rising interest rate environment, it may make more sense to pay off your mortgage if feasible.
- 5. Plan for future increased costs of health care. Medicare and private insurance will likely not cover all of your medical expenses.
- 6. Boost your cash reserves. Make sure your rainy day fund is enough to cover at least 6 to 12 months of expenses.
- 7. Evaluate your retirement investment strategy. While preparing for retirement, you were focused on asset accumulation. When you’re in retirement, you need to focus on capital preservation, income, and keeping pace with the increasing cost of living.
- 8. Review your estate plan. Examine your will and trust. Don’t have them? Get them. These documents can protect you and your assets while you are alive and benefit your spouse and heirs when you pass on.
- 9. If you are not excited about retiring, then don’t. Some people quickly become bored after retiring. It’s also a great idea to pursue other interests and return to school or the workplace. Many do this, often in completely new fields.
- 10. Lastly, develop a written financial plan. A plan will help you stay focused on your retirement goals and confirm you are not miscalculating any major financial elements.
Contact a Churchill Management Group advisor at (877) 937-711 or [email protected] help you take the next steps in developing a retirement plan.
Written by Director, Financial Planning: Scott Perkins, MSTax, MBA, CFP®
Services are offered through Focus Partners Wealth, LLC (“Focus Partners”), doing business as Churchill Management Group. Focus Partners is an SEC registered investment adviser with offices throughout the country. Registration with the SEC does not imply a certain level of skill or training and does not imply that the SEC has endorsed or approved the qualifications of Focus Partners or its representatives. Prior to January 2025, Focus Partners was named The Colony Group, LLC. Focus Partners has been part of the Focus Financial Partners partnership since 2011. On 07/01/25, Churchill merged with and into Focus Partners Wealth. Clients of Churchill Management Group assigned their advisory agreements to Focus Partners Wealth.
The information provided is educational and general in nature and is not intended to be, nor should it be construed as, specific investment, tax, or legal advice. Individuals should seek advice from their wealth advisor or other advisors before undertaking actions in response to the matters discussed. No client or prospective should assume the above information serves as the receipt of, or substitute for, personalized individual advice. This reflects the opinions of Focus Partners or its representatives, may contain forward-looking statements, and presents information that may change. Nothing contained in this communication may be relied upon as a guarantee, promise, assurance, or representation as to the future. The information provided will not be updated any time after the date of publication.
Please be advised that Focus Partners only shares video and content through our website or other official sources.
©2025 Focus Partners Wealth, LLC. All rights reserved. RO-25-4755332