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4 Steps to Spend Retirement Savings Wisely

8/17/2015

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At this point in your life, you might be focusing on reaching a certain retirement goal. You want to save a certain amount of money, pay off debts, or reach a particular milestone in your career. But once you have retired, your thinking must shift from planning and saving to making your retirement savings last for the rest of your life.

Since the average life span is increasing, we all must make wise decisions about spending our retirement savings. The following four steps should get you on the right track.

1. Create a budget. It is likely that your retirement budget will be significantly different from your current one. You will analyze your expenses and designate a portion of your retirement income to regular bills. But keep in mind that circumstances can change, and your budget will change along with them. Keep some money set aside for emergencies. You might also find it helpful to begin living on your expected retirement budget one year prior to retiring, so that you can test drive your future lifestyle and make adjustments as needed.

2. Be smart about indulgences. It's a common practice to indulge in a generous retirement gift for yourself once you reach your goals. There's nothing wrong with this, but remember to plan for your splurge. When you discuss your retirement goals with your financial professional, tell him or her about this expense so that your budget will be able to accommodate it.

3. Plan carefully for health care. You may be enjoying good health now, and hopefully that lucky streak will continue for years to come. But keep in mind that it often is luck, and your situation can change drastically at any time. Consider purchasing long-term care insurance to cover expense of a nursing home. Remember, too, that your medical expenses will grow over time. Be prepared to adjust your budget accordingly.
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4. Meet regularly with your financial advisor. No matter how confident you feel in your plans, you can't forget about retirement planning once you reach retirement! Continue to assess your goals and priorities, and make adjustments to your financial strategy in order to keep up with your changing life. Continue meeting with your financial professional on a regular basis so that your spending habits will reflect your changing financial ability and life expectancy.
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    Kirt Carstens

    Carstens Financial Group focuses on providing comprehensive asset management, estate planning and life insurance solutions. Allow us to help you secure your financial future.

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Kirt Carstens, CLU, ChFC
Investment Advisor Representative
P: (712) 332-5960
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This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation.

Securities and Advisory Services offered through CreativeOne Securities, LLC Member FINRA/SIPC and an Investment Advisor.  Carstens Financial Group and CreativeOne Securities, LLC are not affiliated.
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This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional.  The statements and opinions expressed are those of the author and are subject to change at any time.  All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only.  It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 

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  • Home
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    • Pro-Am
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    • Long-Term Care
    • Estate Preservation
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  • Resources
  • Blog
  • Contact