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Financial Planning for Retirement

How to Make a Roadmap

How many times have you heard people say it’s never too early to start saving for your retirement? It’s sound advice! But perhaps you had other priorities, like putting your kids through college or buying your dream home. Just because your nest egg isn’t as big as you wanted it to be, doesn’t mean you misspent your money.

Now for the good news: It’s never too late, either. Whether you’re approaching retirement or already there, now’s the time to take control of your finances to guarantee yourself a fun-filled and prosperous future. Here are some tips to put you on the right path.

Talk to a retirement advisor

Finances are complicated. Despite this, almost everyone you talk to will have strong opinions on what you should or shouldn’t do with your money.

By contrast, a retirement advisor can give you expert, objective advice on maximizing your investments, real estate, pending inheritances and other assets while minimizing your liabilities. And because they track market trends closely, they can analyze your portfolio to see how it would perform if we were to face another market downturn such as those in 2008 or 2020.

Reduce your housing costs

On average, U.S. households spend 27% of their annual income on services, improvements and debts related to their homes. As well as big-ticket items like mortgage payments, there are utility bills to pay, lawns to mow, pests to control, appliances to replace and so on. It all adds up. 

If you’re an older adult who’s paid off their mortgage, it’s tempting to think that your days of high household expenditure are behind you. In reality, rising labor costs mean that even healthy, independent seniors will end up spending more than they can afford to get the help they need to maintain their homes. 

There’s no one-size-fits-all solution to this problem, but it makes financial sense for many people to downsize their space and move to an independent living community. By swapping a tangled web of debts and liabilities for one single monthly bill, you can save yourself a lot of stress as well as money.

Invest in your health

In the same way that it’s never too late to start saving, people of all ages can benefit from a healthier lifestyle. 

What’s less obvious is that health equals wealth. Even with Medicare and any supplemental insurance you may have, healthcare is expensive, and the cost of prescription drugs and appointments can quickly add up for retirees. By living a healthy, active life, you can avoid some of these potential costs altogether.

Add this to the list of advantages of moving to an independent living community. With access to wellness amenities, garden-fresh meals and friends who want to have fun, you’ll find it hard not to be active and engaged.

Hear some expert advice (over coffee and snacks)

If you’d like to hear more about how you can thrive in retirement, why not join us and special guest Cory Gerlach for a 30-minute presentation here at Prime West Knoxville. We’ll be talking about redefining retirement according to the four pillars of health, family, purpose and finances, as well as answering any questions you may have. We look forward to seeing you there!


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Knoxville, TN 37922

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