Top Three Priorities in Pre-Retirement Planning

Setting priorities for retirement planning is the first step to a secure retirement. Many retirees saved well enough but did not consider how differently their financial needs would be once they the workforce.

The whole emotional concept of financial security is in itself a major shift in thinking and feeling. During the decades of employment, the real sense of financial security is in having a secure job and a paycheck. After the final paycheck, financial security comes from the peace of mind in knowing there is a sound plan in place that considered the changes that a retirement lifestyle would bring.

Priority # 1 — Liquidity is the often most overlooked need in setting up a retirement plan. Having all of your retirement savings in 401ks and IRAs may have saved a lot of taxes on those accounts while accumulating them. However, the consequence of having to pay tax on every dollar needed later in life and at unknown tax rates can be harsh.

Setting aside investments in non-qualified (IRA / 401k) accounts is a wise idea as you approach retirement. There is a strong advantage of having a source of funds that do not trigger significant taxation when needed.

Priority # 2 Lifetime Income

Pension/ SS

Priority # 3 Unexpected LTC Expenses

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