November 11, 2021

Things to Keep in Mind When Daydreaming About Retirement

With the unprecedented amount of uncertainty that has been prevalent worldwide in the past few years, it seems more and more people of all walks of life have been starting to actively consider their lifestyles and most importantly, their financial futures. Taking a step back and taking stock of one's situation can be extremely helpful when searching for the next trusted 'bridge' to take in your journey — and whether you're merely daydreaming about retirement, or are currently in the process of planning — having the right guidance by your side is crucial to take that sure-footed step forward. 

At SevenBridge Financial, you can be assured that any decisions made in regards to your financial planning are diligently informed, and therefore can be enacted with confidence from all parties involved. You can also rest assured that your stress and anxiety will be kicked to the curb, mainly because our financial strategies are soundly proactive in contrast to being reactive to outside factors. 

In our previous blog, we touched on replacing your income in retirement, to which risk minimization is vital. Keep reading as we talk about some more things to keep in mind when daydreaming about retirement. 

The Importance of Minimizing Your Debt Before Retirement

First, when you're planning to retire it's important to make sure you also 'retire' as much debt as you can before you do so, or try to downsize as much as possible. In regards to retirement income, maintaining debt moving forward into retirement can surely cause some stressful situations that can be avoided with the proper financial strategies. 

Be Sure to Closely Evaluate Your Income Sources & Expenses 

Secondly, it's crucial to take a meticulous look at both your income sources and your expenses when you're starting to actively plan for your fruitful retirement. Whether you're in the process of planning, or are only daydreaming, you should still be intimately aware of everything occurring in your financial life. According to Forbes:

Remember, retirement planning is not a set-it-and-forget-it process. Life happens. Priorities change. Your goals may change. Your family structure can change. Because of all this, your risk tolerance may change. Just as important as establishing a retirement plan in the first place is reviewing that plan to make sure it still makes sense for you.

Through the careful audit of your income sources and expenses - you'll gain a greater overall snapshot of where you are in your financial trajectory, and will therefore have a clearer view of the path you should take into the future. By examining and balancing your income sources, investments, and retirement expenses, the bridge to your ongoing success will become fully illuminated. 

When Planning for Your Retirement, Plan to Put Your Money to Work for You

Thirdly, in any financial situation, but especially in regards to your retirement planning, the name of the game is ensuring that your money is working for you and not the other way around. While this sounds self-explanatory, there are many keys to navigating this philosophy in ways that make sense for your particular circumstances. 

Having worked so hard to generate and maintain your assets, isn't it time to put them to work for you? At SevenBridge, we think so. 

It's Never Too Early to Begin Mapping Out Your Future

Furthermore, no matter what people may think, it's never too early to start planning for your future. There is a lot of risk involved, many perils to avoid, and many moving parts to consider, subsequently having an income plan is also extremely important to your fruitful retirement. Which strategy you choose depends on how much income you require, your total assets and many other factors. 

Planning for Retirement? Always Be Sure to Consult a Trusted Financial Advisor 

Ultimately we cannot stress enough the importance of relying on the services of a trusted financial advisor to assist you in executing the right strategies uniquely tailored to work for your situation. Our expert team at SevenBridge is here to provide you with a viable blueprint to get you securely on your way to a stress-free financial future. 

Our 7 Bridges tenets are engineered to move you forward - transforming your business and your personal wealth. Outcomes excite us. But it’s people that drive us. Allow us to transform your retirement planning! 

Interested in learning more? Contact Us & let us put your money to work for you! 

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