Financial Planning

Women in Sales: 5 Things to Know When Nearing Retirement

By December 21, 2020 No Comments

The closer you get to the apex of your career, and likely closer to retirement, we must address questions of whether to keep going or take a step back. Knowing the numbers, understanding the broad concepts of financial planning in retirement and addressing financial risks will help clarify this decision making. Here are 10 things to know to help you make decisions:

1. Your Priorities

  • Do not confuse your priorities with your employers.
  • Keep your list simple (see example below).
  • Relate every item in your financial decision making back to these priorities.

My priorities:

  1. Be present for family and friends
  2. Serve my community
  3. Travel at will

2. Your Retirement Investment Risk

  • Look beyond individual accounts, what is your risk as an entire plan?
  • Will short term volatility or longer-term market corrections affect your plans?
  • When was the last time you benchmarked your long-term holdings to make sure you are making
    the most out of your investments?
  • Will the growth investment strategy that has worked for you in the past work for you in the

3. How Do You Want To Spend Your Time

  • Relate back to your priorities when visualizing what a retirement lifestyle looks like.
  • Avoid a to-do list, but understand the transition from a goal-based sales career to time at home can be challenging.
  • Do you want to continue working part-time or consulting? If so, how much time is for this and how much time to do give to other priorities? Will you get sucked back in?

4. A Healthcare Plan

  • How do you plan on taking care of yourself through retirement?
  • Do you have plans for a healthy lifestyle to help minimize healthcare costs?
  • Know your current options for Pre-65 plans, Medicare, Medicare Supplements, and Medicare Advantage Plans.

5. Your Tax Strategy

  • You’ve worked hard for retirement savings, know how to minimize and plan for taxes in retirement.
  • Know the rules and regulations regarding your deferred compensation plan and stock options, and how these fit into your tax and investment plan.

We help analyze your data to help you make informed decisions about your retirement dollars. Contact Julia now for an introductory consultation.

Investment advisory services offered through LW Advisors, a Registered Investment Advisor in the state of Iowa.

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