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Retirement is a gateway to a new life. It promises a greater freedom — which you've worked decades to earn — without the pressure of workplace demands. Who better to help you prepare for this transition than actual retirees with firsthand experience of the costs, risks, and financial rewards of retirement? Advice from those who have been there can help you gauge whether you’re prepared for retirement.
Turn to the people you know best, such as close family members and friends, who are already retired. You can learn a lot from their experiences, including what worked for them — and what didn’t. Be inquisitive and honest about your own situation and concerns. Preparing for retirement is an exciting but potentially scary process. Most retirees are happy to share their experiences.
Spark the conversation with general, open-ended questions, such as:
The more people you talk to, the more you’ll learn about retirement and what it’s really like. You’ll also get suggestions and ideas that might not be specifically about money but can contribute to your overall financial health. For example, you might learn ways to stay healthy (and keep health care costs lower) with specific exercise regimens. You may learn new strategies for keeping your mind agile or for building a social network that could lead to a second career.
Open and honest conversations with retirees can also help you prepare for potential financial challenges. You may gather tips for adjusting your finances to ensure that your money lasts as long as you need it in retirement. The issue gets even more pressing as life expectancies increase and retirements last longer than ever before. At the same time, most people now retire without pensions — another major change in the retirement landscape.
Those factors make it more important than ever to have a plan for your retirement, and it’s never too late to get that process started. You can create a financial strategy for retirement, even if retirement is near. You can start from where you are today.
That’s where a financial advisor may be able to help. A financial advisor’s experience and expertise can start you on your way to a sound savings strategy — one that will help you to live the retirement you’ve hoped for — comfortable in the knowledge that your money will take you through your retirement years.
We’re committed to your financial success. Here you’ll find a wide range of helpful information, interactive tools, practical strategies, and more — all designed to help you increase your financial literacy and reach your financial goals.
These articles have been prepared for informational purposes only and are not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. The accuracy and completeness of this information is not guaranteed and is subject to change. Since each investor’s situation is unique you need to review your specific investment objectives, risk tolerance and liquidity needs with your financial professional(s) before a suitable investment strategy can be selected. Also, since Wells Fargo Advisors does not provide tax or legal advice, investors need to consult with their own tax and legal advisors before taking any action that may have tax or legal consequences.
Retirement Professionals are registered representatives of Wells Fargo Advisors, LLC. Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company. Discussions with Retirement Professionals may lead to a referral to Wells Fargo Advisors’ affiliates including Wells Fargo Bank, N.A. Wells Fargo Advisors and its associates may receive a financial or other benefit for this referral. Wells Fargo Bank, N.A. is a banking affiliate of Wells Fargo & Company.