If you search the Internet for tips on financial strategies, you’ll see many general rules and broad advice that may apply to an “average” retirement saver or retiree. But the truth is, those general pieces of advice rarely apply to you in an actionable way. Instead, use them as a framework for asking yourself what you want from your retirement. Nobody can tell you your priorities but you, so if you set your sights on achievable goals, you can prioritize your spending, saving, and investment strategy to meet those goals.
A common cost to prioritize in retirement is healthcare expenses. As we age, we need to take care of our health in various ways – but doing so isn’t free. Exercising your body and brain, being social, and eating well are all parts of a healthy lifestyle that can help you live happily and healthily in your later years. But even then, increased costs come with maintaining that lifestyle as you age. But not only may you increase your usage of healthcare products and services, but you’ll also likely face increasing costs of those goods and services. So, preparing to save on those expenses is crucial. Proper Medicare, insurance, and annuity planning can help you reduce your healthcare costs in retirement.
Paying off debt is another expense to put at the top of your list to cover. Debt can eat away at your available budget and your overall wealth. Paying debt down should be seen as investing in your future. Whether it’s credit cards, mortgage loans, car loans, or leftover student debt, paying down debt can free you to spend your retirement the way you want.
Another way to prioritize your future is to claim Social Security later. If you can find a way to delay claiming Social Security benefits until you’re 72 and still cover your living costs, this may free up your budget later to afford something you’ve always wanted to do but was just outside of your budget. Or, it can help you cover other costs, such as healthcare or help speed up the process of paying down debt.
Ultimately, your financial priorities are up to you. Maybe you want your retirement to be full of learning experiences, so your 2023 goals may include saving for classes and education expenses. Or maybe you’re not retired yet and realize you want to retire early. In that case, your priorities may include increasing your savings plan and elongating your retirement timeline.
What the general advice you’ll hear on google doesn’t factor in are your own unique priorities. However, a financial professional can apply their expertise to your individual situation and goals and help steer you towards the priorities you have. Contact us at (540) 720-5656 to get started today.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.