Page 76 - Life In Naples Magazine - November 2015

FINANCE
You Are Ready To Retire
NOW WHAT?
by Jill Ciccarelli Rapps, CFP®
Financial Advisor
F or most of us, we move through our lives towards goals that we
have set for ourselves. And in many instances, one of the key
goals is certainly retirement. Being able to reach a point when
we can stop working, have flexibility of time, live confidently off ENJOYING LIFE
our investments, and enjoy the latter part of our lives is something that
nearly everyone strives towards.
It’s a great feeling to reach the point when you’re ready to retire.The above, all that is left to do is make sure that
entire world is in front of you and all the things you never had time to
do are now possible; but still many people are overburdened when the
time comes.
So once you reach the point where you are ready to retire, what is
next? Luckily, there are a few things that you can do to make sure your
transition into retirement is a good one.
THE PREPARATION PROCESS
The first thing you need to do when you think you are ready to
retire is to be sure that you are. There are several steps that any good
investment professional will give to you and it is important to follow
each of them carefully.They include the following:
• Plan Your Life – While each day can be an adventure when you are
retired, it is still important that you think seriously about how you’ll be
living in retirement. Step away from looking at your financial numbers
and consider what you will be doing. Are you moving to a new home?
Relocating to a new area? Starting a small business based on your
lifetime hobby? Spending focused time on planning how your life will
be once you retire is important.
• Set Up Your Spending Budget – The odds are pretty good that
you reached your retirement goals by living on a budget and you’ll want
to carry that through your retirement. Set up a budget based on your
current unavoidable expenses and what you want to do. Don’t forget
to consider future health care costs and legacy goals for your heirs. A
sound budget is necessary to ensure you don’t end up short.
• Consider Social Security - Many people take their Social Security
benefits as soon as they can.It is worthwhile to review your options with
a financial advisor, as there are several, and based on your individual
circumstance and your health, picking the right option can make a
significant difference. Did you know that waiting about eight years –
until you are 70 – can boost the size of your benefit by as much as 8
percent a year? If you plan it properly, you may be able to get more.
CONTINUING TO DRAW AN INCOME
Turn your nest egg into a source of sustainable income.Some retirees
do so by creating a business that they have dreamed of running, but for
others just things like setting up an annuity that may create consistent
income to supplement pensions and or social security, or just drawing
a percentage of your retirement nest egg each year from specific assets
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can help. The key here is making sure that you
do not end up needing to go back to work, and
while you are retired, it is good to put your
money to work for you.
Once you have made sure that you can
afford to retire and considered the steps listed
you enjoy yourself. Many who retire end up
unhappy since they feel like they have no focus
anymore. But a few steps can help with that, including:
• Retire somewhere with friends nearby. Studies have shown that
retirees with friends nearby are about three times more likely to be
happier.
• Stay focused and create your purpose. Pick out a hobby or passion
and devote your time to it. Consider taking a class on finding your
purpose (Blue Zones Project of Southwest Florida presents regular
local workshops) or work through a retirement coach.
• Live smart; follow your dreams, stay healthy, stay active, and move
your body.
Simply put, your retirement is a time that should be enjoyed and
should be special. Friends and family can help, and so can being sure
that you’ve planned out your retirement in the best possible way.The tips
above should help make it easier to do, and speaking with a retirement
specialist can as well. Feel free to contact Ciccarelli Advisory Services,
Inc. today to find out more about getting ready for your retirement.
Jill Ciccarelli Rapps, CFP®
www.CASMoneyMatters.com
Ciccarelli Advisory Services, Inc. is located at 9601 Tamiami
Trail North, Naples, FL (239.262.6577)
Jill Ciccarelli Rapps, is a certified financial planner and a trained life coach
and is a Partner of Ciccarelli Advisory Services Inc., a Family Focused Wealth
Management Firm in Florida and New York.
Ciccarelli Advisory Services, Inc. is located at 9601 Tamiami
Trail North, Naples, FL (239.262.6577)
Investment advisory services offered through Ciccarelli Advisory
Services, Inc., a registered investment adviser independent of FSC Securities
Corporation. Securities and additional investment advisory services offered
through FSC Securities Corporation, member FINRA/SIPC and a registered
investment adviser.
Life in Naples | November 2015