Check Off List for Income Readiness Part 1

Part 1: The Foundation of Retirement Success

1. Define Your Ideal Retirement Scenario
   Retirement is more than a financial milestone; it's a lifestyle transition. Envision your ideal balance of health, wealth, and time—the ultimate trifecta for a fulfilling retirement. What will you do with your newfound freedom? Pursue hobbies, embark on an encore career, volunteer, or travel? Establishing a new routine helps ensure a smooth and enjoyable transition into retirement.
2. Craft Your Personal Spending Plan
   A well-thought-out budget is your retirement roadmap. While some may hesitate to confront financial realities, knowing "the score" empowers you to make informed adjustments. Use your spending plan as a baseline to align your financial choices with your goals, allowing for flexibility as your needs evolve.
3. Explore Tax Minimization Strategies
   Retaining more of your income starts with understanding tax-efficient strategies. From optimizing retirement account withdrawals to leveraging tax-advantaged investments, proactive planning helps keep more money in your pocket for the things you love.
4. Prioritize Asset Preservation
   At this stage, what you keep matters more than what you make. Unnecessary risks can derail your plans, especially when recovery time is limited. Protect your portfolio from market shocks to safeguard your retirement lifestyle.
5. Review and Update Your Estate Plan
   An up-to-date estate plan help ensures your assets are distributed according to your wishes and minimizes potential legal or financial complications. Consider trusts, long-term care planning, and regularly updating beneficiaries as vital steps to preserve your hard-earned legacy.

Any opinions are those of Mark Vivian and not necessarily those of Raymond James. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax or legal issues, these matters should be discussed with the appropriate professional.
Every investor's situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.