Navigating retirement

October 20, 2022

Navigating retirement

Fred Goodwin, father of our founder and CEO, Tim Goodwin, is also a client at Goodwin Investment Advisory. He recently transitioned into retirement with his wife Jill.

Fred calls this season of retirement the “victory lap” of life. He declares, “This new season is best when you have a financial advisor you can trust, because retirement gives you the opportunity to do everything you’ve always wanted to do, but didn’t have time to do before.” This includes volunteer work, serving on local boards, spending time with your kids or grandkids, and traveling. You can really do whatever you want to do. He happily shares, “It’s a wonderful way to spend the victory lap of your life.” He reminds others not to be hesitant to jump into retirement, especially if you have a financial advisor that you can trust to guide you through the planning and decisions to help you retire at the right time for you, with confidence.

Here are some questions to consider as you plan for your own retirement.

How close is retirement?

As you move toward retirement, you may start wondering if you’ll have enough money. However, the best time to ask that question is well before you announce the end of your 9 to 5 life. Long before you file with the Social Security Administration, consider hiring a financial advisor who can help you navigate the complexities of monthly benefits, and make sure you get the most money possible. They can also help you identify opportunities to give back, and work with you to prepare your financial legacy.

Do you have confidence in your retirement plan?

Once you enter retirement, you will want to make sure you have confidence that your money is invested right and will be there when you need it. You might even need to re-evaluate your current retirement plan to match the lifestyle you desire. An advisor can help you adjust your retirement plan and help you create a tax plan and a legacy plan. An advisor can also help you generate wealth that will continue to impact your family and the world – for generations.

How much free time do you have?

In your pre-retirement years, managing time is never easy, and depending on your job, you may have little free time. With what time you do have, you need to decide how you want to use those off-work hours. Balancing a budget, stewarding your investments, and preparing for the future may help you unwind from the stress of your day job. However, if your to-do list is already unmanageable, consider finding some outside help. Time is your greatest asset and having someone else manage your money allows you to have more time to do the things you enjoy in both your pre-retirement years as well as during your retirement.

Should you work with a financial advisor?

Deciding whether or not to hire a financial advisor often comes down to the numbers. If you’re currently spending more than you are making, we would recommend that you hire our hourly-paid advisor, Reid Trego for financial planning sessions that will help you review your income & expense budget, and plan out your bigger, better future.

However, once you have started to save for retirement and you have money available to invest, we recommend that you work with a financial advisor to select investments that are right for you. A qualified financial professional can help you maximize your portfolio and protect your hard-earned money.

Decision-time

Once you consider these questions, you’ll have a better idea of whether or not you need a financial advisor. For most people, it’s about when, not if. If you currently don’t have a financial advisor, keep coming back to these questions. When the time is right – whether today, next year, or ten years from now – a financial advisor can help you take your pursuit of financial freedom to the next level. Not only for you personally, but also to leave a legacy of generosity.

Disclosure:
Investments always carry some level of risk, and past performance does not guarantee future results. This content is based on our experience, but your situation may be different. Please contact us if you would like to discuss your investments.

Disclosure – All investment carries risk, and we cannot guarantee performance or results. Past performance does not guarantee future results. GIA does not earn any compensation from any of the non-GIA links provided in these resources. The market insights, podcast, blogs, book recommendations, self improvement thoughts, food recipes and activities are based on our perspectives and experience, and may not apply to your unique situation or be appropriate for your health and wellness. We are not aware of any conflicts of interest relating to any testimonials or endorsements. Please contact us for any questions relating to the content above, or to discuss how we can support you in your specific situation, and help you to reach your financial and personal goals.