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Transitioning to your next chapter

As you approach retirement, there are many things to think about. Experts advise that you will need about 80 percent of your pre-retirement income to continue your current quality of life. The exact amount, of course, depends on your individual needs. Some important factors to consider include:

• At what age do you plan to retire?
  
• Can you participate in an employer's retirement savings plan, such as a 401(k) plan, or a traditional pension plan? 
  
• Will your spouse or partner retire when you do?
  
• Where do you plan to live when you retire? Will you downsize, rent, or own your home?
  
• Do you expect to work part-time?
  
• Will you have the same medical insurance you had while working? Will your coverage change?
  
• Do you want to travel or pursue a new hobby that might be costly?
  

Nichols Wealth Advisors​

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