10 Steps to Retirement

Are you considering retirement? There are a few essential items you should think about before you take that step. Fortunately, with the help of a trusted financial planner like our talented team here at GDS Wealth Management, you might be better prepared for retirement than you realize! The checklist below can help you see how close you are to retirement.

  1. Budget for Retirement
    Understand your retirement income and create a budget that allows you to confidently spend your hard-earned savings.
  2. Save for Emergencies
    Save at least three months’ worth of living expenses and have that money easily accessible to prepare for emergencies.
  3. Strategize for Taxes
    Ensure that you have a tax strategy that will help you understand the process of spending money from both tax-deferred and taxable accounts.
  4. Consider Location and Lifestyle
    Plan for the retirement lifestyle you want to live. Consider where you would like to live – both short-term and long-term – and create a plan for financing a move.
  5. Strategize for 401(k)
    Determine the best time to access the money in your 401(k) based on your financial goals. If taken before the age of 59½, distributions from a 401(k) and most other employer-sponsored retirement plans are taxed as ordinary income and are subject to a 10% federal tax penalty. At the age of 73, generally, you must begin taking required minimum distributions. Consider these facts as you create your 401(k) retirement strategy.
  6. Create a Bucket List
    Come up with personal goals for your retirement. Take the time to pursue your priorities, dreams, and personal values.
  7. Plan for Extended Care
    Prepare for the potential that you or a loved one might require full-time care and make arrangements accordingly.
  8. Make an Estate Strategy
    Determine who you would like to handle your estate and develop a plan for allocating your assets.
  9. Understand Health Insurance
    Plan for long-term health care expenses and understand your Medicare options.
  10. Utilize Social Security
    Make sure that your tax strategy includes a plan for your social security, including the best time to access those benefits.

If you discover that you are not as prepared for retirement as you were hoping to be, feel free to reach out to our GDS team. We would love to work together with you to create a strategy that will allow you to complete this checklist and get started on the retirement of your dreams!

Glen D. Smith, CFP®, CRPC®
Chief Executive Officer | Chief Investment Officer | Founder

This blog does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith and any related legal, tax, accounting, or other material considerations. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, prospective investors are encouraged to contact GDS Wealth Management at (469)212-8072 or or consult with the professional adviser of their choosing.

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