Strategies for a Smooth Retirement on a Fixed Income
When making financial plans for retirement on a fixed income, remember that your retirement life at the beginning is not how it will continue indefinitely. A CERTIFIED FINANCIAL PLANNERTM professional will assist you in creating a smooth retirement plan that best fits your needs over time. "Your retirement will evolve in phases as your priorities change," says Cary Carbonaro, CFP.® "One of the most important things you can do right now is understand how your retirement will change and then budget for those different phases."Carbonaro suggests thinking of retirement in three phases: Early: The early years of retirement are the years when most retirees enjoy good health and are free of work and child-rearing, allowing travel and other activities to play a larger role in the budget. Middle: This phase can be considered a slowing-down and transitional phase for many. Changes in health, legacy and other goals will impact financial plans and budgeting. Late: Late retirem...