While you can’t predict what the future will hold, you can always plan ahead for a long and happy retirement. It’s important now more than ever to plan for the longevity of retirement so you can thrive during life’s rough patches. Creating a thorough retirement plan means planning for all of life’s unforeseeable changes and considering every facet of a life to come, so nothing can stand in the way of your retirement goals. With a solid financial plan, you can live life your way.
St. James Place consulted with the financial professionals at Raymond James to provide some tips and considerations on how to turn your years of hard work into the lifestyle you want, even in uncertain times.
- Plan Purposefully
As you start nailing down your financial goals and plan for the future, you should consider every aspect of your life. From your dream home and hobbies to the possibility of long-term care, explore options that take your unique situation into account to create the right savings (and spending) plan for you. Always consider every option available because small sacrifices now could help you live life to the fullest later. - Organize Your Retirement Goals
Three major categories will keep your retirement spending on track: needs, wants and wishes. Put reliable income first toward essential expenses, like housing and insurance. With your needs taken care of, tap into your retirement assets to support the lifestyle you want, from your monthly subscriptions and polishing your short game to ensuring your wishes of a lasting legacy for future generations and the causes you care about. - Build a Buffer
You’ve spent your career saving and investing for a padded retirement, but sometimes life can get in the way. Big expenses like housing, healthcare and transportation spike, and most future retirees don’t take into account risks such as market downturns that could affect retirement. Although it may seem counterintuitive, a good way to plan for a successful retirement and build a buffer in your savings is to keep a smaller percentage in stocks leading up to and just past your retirement date. - Make a “Fun Plan”
With all those extra hours in the day, you should think about how you’ll keep yourself busy during retirement so you don’t find yourself bored later. Retirement is the time to recognize your hard work and put yourself first by having fun fulfilling your dreams. Pinpointing your aspirations for retirement ahead of time can help fit it into your financial plan—start by jotting down some activities you used to love or have dreamt of trying. - Consider Downsizing and the Benefits of a CCRC
Re-evaluate what living arrangements suit you and consider how downsizing or relocating to a retirement community can support your lifestyle. Living at a Continuing Care Retirement Community (CCRC) with a Life Plan guarantees you the financial predictability of housing and health costs for peace of mind. As an investment in your future, St. James Place — the only CCRC in Baton Rouge — creates a safety net of affordable care and services that allows you to seamlessly move among a full continuum of care, so you can enjoy life to its fullest.
For a limited time, St. James Place is offering incredible savings on select apartments. Don’t miss this opportunity to save thousands. Private tours of St. James Place are available, following social distancing and safety measures. Call 225-215-4510 to schedule a private appointment with a member of our sales team.
For financial consultation with Raymond James, visit raymondjames.com to find an advisor in Baton Rouge.
Raymond James is not affiliated with St. James Place.