4 Important Conversations to Have Before You Retire

Retirement Planning

4 Important Conversations to Have Before You Retire

Posted by COTO Insurance & Financial Services
5 years ago | May 20, 2019

As you continue to plan for your retirement, and enjoy the countdown to your final day at work, we will be engaging in regular conversations about your future. But aside from frequent discussions with your financial advisor, there are a few other important conversations you need to have.

These individuals will also be affected by your retirement, so consider broaching the following topics with them.

With your spouse… Obviously, your retirement affects your spouse the most. Make sure you’re both on the same page with regard to your future budget, lifestyle, and goals for your retirement years. In fact, many smart couples begin “testing” their retirement budgets in the year or so before they actually retire. This way you can honestly assess your future lifestyle, and make any necessary adjustments before a big commitment.

With your employer… Discuss the ideal retirement date, for both yourself and your work team as a whole. This is also a good time to evaluate any retirement benefits you might be due, such as pay for accrued personal leave, or retiree healthcare packages. If you think you might enjoy part time work in retirement, discuss the possibility of consulting or filling in for other employees occasionally.

With your family… Children and grandchildren might appreciate a heads-up regarding your lifestyle changes, particularly if retirement will affect your ability to travel, host Thanksgiving dinner, contribute to college funds, or other unspoken expectations. If you’re still financially supporting any adult children, the years before retirement are the time to help them fly from the nest.

Also, discuss your plans for the possibility of long-term care at some point. How will you pay for it, and what type of care would you prefer? If you currently provide care for your own aging parents, consider how your retirement might affect them as well.

Before starting these conversations, be certain of your own wishes and plans so that you can communicate them effectively to others. Let’s discuss the more personal side of retirement at your next appointment, so that we can evaluate different strategies to address whatever might come your way in the future.

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