After working with a financial planning representative at our bank, we know that reviewing our 401Ks and other assets is the first step to determining our retirement income potential. Luckily, we’ve paid close attention to our accounts and our investments have matured.
Now we just have to decide what level of income we’ll need to maintain the lifestyle that we’ve dreamed about all these years. Luckily there are plenty of free online tools to help us.
Of course, there’s always a chance something won’t go according to plan, which is why we’ll maintain a transaction account so we’ll have cash on hand when we need it.
Our financial planning representative is also taking a closer look at our retirement portfolio to be sure that we are making the most of our combined earning potential. He advised us to roll our 401Ks over into IRAs so we would have more investment options and lower fees.
And since we aren’t going to live forever, my wife and I are looking at some new insurance coverage options. For example, a long-term care policy in case one of us gets sick or needs extra care.
We’ve also taken a closer look at our will. We hope to pass some of our wealth on to our children, so we’ve set up an estate plan so they don’t take a major tax hit on their inheritance.
We’ve been dreaming of an exciting, new life in retirement. And even though we’ve paid careful attention to our retirement accounts, it’s nice to have someone at the bank to help us make the right financial decisions during this transition. We’re proud of what we’ve accomplished and we can’t wait to start this adventure.
NMLS #407985