Strategy Updates
January 24, 2023

Financial Planning Newsletter: January 2023

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, we help our clients develop a written financial plan to help them successfully enjoy their retirement years. 


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) 937-7110 or [email protected] to help you take the next steps in developing a retirement plan. 

Written by Scott Perkins, MSTax, MBA, CFP® Director of Financial Planning

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