Before you leave your job

There's no better time than the beginning of the New Year to take a fresh look at our financial future, especially our plans for retirement.

For the millions of baby boomers approaching retirement age, preparing for the golden years may involve making decisions while still in the workforce, to ensure that there will be enough money to live comfortably in retirement. As retirement looms, the overwhelming possibilities can leave many people uncertain about where to begin.

To help you get started-and focus on your retirement plans as part of your New Year's resolutions-we have identified six important financial considerations to think about before retiring:

Define your retirement

Your vision will impel your plan. Some people may decide to work part-time, launch a new career, go back to school, volunteer or develop new hobbies. And should you downsize, relocate or remain in your current residence?

Know where you stand financially

Take inventory of your assets and possible income sources, and determine how your retirement plan will provide you with income during your retirement years. Try to save as much as possible while still working.

Estimate your expenses in retirement, especially health care

Health care can be a significant expense during your retirement years, so understanding what your health-care plan covers in retirement is critical.

Manage asset allocation

Regularly monitor, review and rebalance your investments to ensure that they support your goals, and to determine if you should change how assets are allocated among different investment types. Consider professionally managed investment products that automatically rebalance your portfolio to your risk tolerance based on movement in the market.

Plan for your beneficiaries

Create a will, choose a guardian if needed, and select someone who will manage your estate.

Explore options to create a retirement income

Research product strategies that can help generate a retirement income source, including the new generation of investment products that provide tax-effective streams of income for life while affording a degree of flexibility and control. It may be advantageous to purchase these products while you are still working.

Remember, it's never too early or too late to start taking these tips into consideration. Everyone who is nearing retirement needs to think about how to help grow, protect, and convert his or her assets into retirement income-and that can take time. Engaging in this process while still working can allow you more flexibility to course-correct, if necessary.

If you would like help with any of these strategies, please call our office for an appointment.