After a few months of retirement, many of us are not sure how we ever had time to work. Home improvement projects, babysitting grandkids, volunteering, and revisiting our hobbies quickly take up the free time we thought we would have.
In our working years, we relied upon our paycheck to cover our bills, but now our lifestyle depends on the income we can earn from our retirement savings. Just as we monitored our investments during our working years, we need to review them on a regular basis after we retire. A meeting with a financial advisor will help us determine if our investment income is keeping pace with our lifestyle or if we need to make adjustments.
For retirees who find their calendars quickly filling up, this is also a great time to consider the benefits of a discretionary investment account. This type of account gives us the ability to set financial goals, but leaves the day-to-day investment decisions to a financial professional.
- Will I outlive my retirement savings?
- How could health care or long term care costs affect me?
- Do I plan to pass on some of my savings to family or charities? If so, do I have a plan in place for this?
- Do my investments reflect my current risk tolerance?