What’s Your Retirement Plan?

By Brent Shaw, Modern Woodmen, Fraternal Financial | m.brent.shaw@mwarep.org

Whether you are planning to work another 20 years, or you may be thinking that now is the right time to retire, an important part of financial planning is retirement distribution. Just as you laid out a plan for saving your nest egg while you were working, creating a plan for spending that nest egg is crucial. One of the worries everyone has as they are approaching retirement age is, “Am I going to outlive my money?” Making your written plan for retirement can alleviate this worry. Working with a financial professional to navigate this task can make it even easier. Here are a few tips to get you started down the right path.

Make a budget.

This seems like an obvious one, but some have missed this in their working life. If we are concerned about how long our finances will last, we must look at where our dollars will go every month. Breaking down all our expenses into categories can help us prioritize and get a grasp on what amount we are guaranteed to spend. Categories such as utilities, cell phone and property tax are expenses you’ll most likely always have in life. Once we have our expenses written out and ranked by their necessity, we can look at our source of funds.

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