In retirement, there's no clear finish line

Daily Herald – In Retirement There’s no Clear Finish Line

If there isn’t a saying that goes, “Days may drag, but years fly,” there should be.

Retirement can sneak up on you if you aren’t careful. Even if you are someone who lives and breathes their career and would like to think that it will never end, it will eventually, so you must be prepared. Most of that needed preparation falls into one of two categories: financial planning and legal preparation.

Financial planning

By the time you are 60 (if not sooner), you should be taking a careful look at your financial situation and spelling out for yourself and your spouse what your retirement goals are and how much progress you are making toward meeting those goals.

“We have experienced several years of double-digit equity returns and it’s a great time to review your overall portfolio allocation,” said Chris Knappstein, senior vice president and wealth adviser with First Midwest Bank of Chicago. “Retirees are faced with a transition in their financial life cycle from the accumulation phase to the preservation phase and it can be a daunting task.” Read the full article in the Daily Herald >>