What to do With Your Money Now

Millions of Americans each year are entering into a dramatically different phase of their financial lives. As they transition from full-time work into retirement, they are moving from “accumulation” – building wealth through savings in their working years – to “distribution,” drawing on savings for income they can rely on for the rest of their lives. Those life savings will also be a source for any legacies they choose to leave.

The transition is more than just a move from work to retirement – it requires a major change in the way people manage their money as well has how they view retirement. Retirement has changed since past generations, a major shift has occurred in how retirements are funded in this country – away from companies and the government and onto the shoulders of individuals.

The retirement phase of people’s financial lives poses new challenges that require a new mindset. Many of the investment principles and strategies that people rely on while accumulating wealth remain valid in retirement; but there are significant differences in how they may be applied tactically. The consequences of not making prudent decisions can be very painful.

Fortunately many Americans do have the means to help create a financial secure retirement that fits their lifestyle – if they take inventory of their resources, plan wisely (get assistance if necessary), and act.

The bottom line is more of the responsibility for meeting income needs and health care expenses in retirement is shifting to individuals, and we all need to make retirement income plans to meet the responsibility. By planning wisely, we increase the potential of enjoying our retirement years.

Retirement 10 Step Program

Take the confusion out of retirement planning by breaking down each element into manageable parts. Taking a proactive approach can bring satisfaction and comfort knowing your future is prepared for by providing for yourself and loved ones. Eliminate surprises by being informed of what you have and what to expect. Here are things to consider:

1. Take an inventory

2. Estimate Retirement Income

3. Understand Safe Withdrawal Levels and Earning Potential

4. Asset Preservation and Protection

5. Healthcare

6. Retirement Spending Plans

7. Where you are today to where you want to be

8. Investment & Asset Allocation

9. Tax Planning

10. Leaving a Legacy


About Dano LoPresti

Dano W. LoPresti, CFP®, ChFC®, AIF® is a CERTIFIED FINANCIAL PLANNER™, Chartered Financial Consultant and Accredited Investment Fiduciary with Legacy Financial Planning in Sandwich, IL. Dano may be reached for questions or comments at 877-786-7851 or by email at dano@legacyfp.com. Securities offered through: Triad Advisors Inc.Member. NASD/SIPC

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