LIFEstageTM personal guidance for retirees
Financial and practical guidance for retirement planning.
It’s about time
Finally—all those years of hard work are coming to an end!
Whether you worked in a corporate setting; owned your business; or worked many different jobs, it’s nice to be free to do what you want, when you want. But, like most transitions, there can be financial questions:
- Will I have enough income to live?
- Where should I live?
- Do I need a part-time job?
- Is there enough money for traveling?
With Prospera LIFEstage™ Personal Guidance, we’ll put together a plan so you can enjoy life today while being mindful of your long-term financial health.
“We’re both fully retired and not facing any serious financial issues. Since 1970 we took full advantage of the many things that Banta Credit Union, now Prospera Credit Union, had/has to offer. All had some impact on our financial state today. Now all we have to worry about is finding the best vacation places within budget and staying healthy to enjoy the time we have left.
“If you’re looking for retirement advice, find out all that Prospera offers. Over the years we have dealt with banks and other financial institutions and none have provided the level of service provided by Prospera Credit Union!”Bob and Shirlee Weber - Neenah, WI
Retirement Planning: A New Ballgame
The transition from full-time work to retirement can be rewarding, but requires careful money management and finance planning.
Budgeting for Your Freedom
With so many changes happening, it’s an important time to develop or revise a budget. Using our budgeting template, you’ll document:
- Income from pensions, Social Security, IRAs, etc.
- General expenses—food, utilities, etc.
- Remaining debts—mortgage, car loans
- Health Care costs/Medicare supplements
The end of steady income can be offset by lower daily expenses, little or no mortgage, fewer cars and car payments, etc. You’ll look at all expected inflows and expenses, and end up feeling pretty good about knowing where things stand.
Let the Sails Out
A solid financial plan is the next step to feeling more comfortable about your retirement planning journey.
Streamline and Splurge
Once we’ve reviewed the budget you’ve put together, we can plan for projected income and spending once we agree on some smart adjustments and life changes. You may want to:
- Pay off or consolidate any remaining debt
- Downsize your home, or refinance
- Buy a new car as a reward for retiring!
- Open one or more accounts for special activities, travel or grandkids
At this stage, sound investment advice is critical, so we’ll want to make sure you connect with Prospera Investment Services. Then you can focus on fun. Welcome to retirement!
The Big Picture
From preparing for the unexpected to preparing your estate, thinking longer term is important. Once you have a monthly financial plan in place, it’s a perfect time to assess your longer term financial picture. That includes a number of topics, such as:
- What does your financial situation look like over the next 10-20 years?
- Do you want to be aggressive or risk-averse with your nest egg?
- Do you need more life or health insurance?
- Does your will need updating?
Your financial legacy
You spent your lifetime building a financial legacy. Should certain assets be put in a trust? What is the best way to see your legacy bequeathed? These are questions that our financial advisors will help you answer.