Ashley Temer is a Financial Representative with Northwestern Mutual who helps professionals, families, and business owners plan for financial security. She’s here for your “Money Minute.”
The idea of retirement is different for everyone comprised of unique dreams and goals. Each stage in life brings changes in your priorities. Your retirement plan should follow a similar process. There are three stages in the path to retirement and the right plan should optimize transitions to help you meet your retirement goals.
The first stage is accumulation. These are your human capital years. You should:
- Have savings discipline
- Establish multiple sources
- Monitor goals
The second stage is transition. Review your asset allocation, review product mix, and adjust if necessary. You should also evaluate asset location and manage income sources.
The last stage is distribution. Optimize your income, have guaranteed income sources. leverage multiple sources of investment income, and manage the impact of taxes.
Working with a financial professional will help you realize the retirement you envision and retire comfortably.