Transitioning to Retirement

Change is never easy, at least for most people. And the people who do adjust to change well are often serial planners, knowing how to prepare well in advance.

But when it comes to retirement, even when you know decades ahead of time that it’s going to eventually happen, you may still have trouble adjusting to change. This can be particularly true if retirement happens earlier than you expected. In fact, 49 percent of Americans retire unexpectedly because of health problems, disability, spousal-care demands and downsizing. For many, this unexpected change in employment can cause a financial hardship.

[CLICK HERE to download the report, “EBRI’s 2014 Retirement Confidence Survey: Confidence Rebounds — for Those with Retirement Plans,” EBRI Issue Brief #397 at Employee Benefit Research Institute, March 2014.]

[CLICK HERE to read the article, “8 Job Killing Companies,” at CNNMoney, Aug. 15, 2014.]

Another way you can adjust to retirement is by conducting your own internal downsizing — of your home. A former telecommunications mogul out of Atlanta decided to save money on an agent commission by selling his multimillion, 50-acre estate as “For Sale by Owner.” It took a lot of time and money to pursue this strategy, but he seemed happy with the outcome.

In this robust seller’s market of low inventory, more homeowners are trying to sell houses on their own. If you find yourself suddenly retired with nothing but time on your hands, this is a strategy that may be worth considering.

[CLICK HERE to read the article, “A Multimillion-Dollar Estate, for Sale by Owner,” at The New York Times, Aug. 15, 2014.]

[CLICK HERE to read the article, “More Home Sellers Choosing ‘For Sale by Owner’ Route,” at Prairie Business Journal, Aug. 5, 2014.]

Of course if you don’t want to sell the family home, you could always rent it. The real estate market as it stands now offers some pretty interesting benefits to retirees who own a second home. Rental property can offer a relatively stable stream of income for retirees looking to supplement their finances before applying for Social Security benefits.

[CLICK HERE to read the article, “Retire as a Landlord,” at, July 7, 2014.]

[CLICK HERE to read the article, “More Homeowners Becoming Landlords,” at CNNMoney, June 17, 2014.]

What about dealing with the issue of how to spend all that free time in retirement? There’s a new breed of “retirement coaches” that specialize in nonfinancial issues of life after traditional work, ranging from helping retirees get involved in volunteer activities to living a healthier lifestyle. Just be sure not to trust your finances to anyone who is not properly licensed and credentialed to give you guidance on the subject for which you are considering hiring them.

[CLICK HERE to read the article, “Now we Need a Coach for Retirement, too?” at Marketwatch, Aug. 7, 2014.]

That’s where we come in. If we can help address your needs as you transition to a retirement lifestyle, please give us a call.

Our firm assists retirees and pre-retirees in the creation of retirement strategies utilizing insurance products.

These articles are being provided for informational purposes only and should not be used as the basis for any financial decisions. While we believe this information to be correct, we do not guarantee the accuracy or completeness of the information included. All clients are encouraged to consult qualified tax and legal professionals before making any decisions about your personal situation.

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