Page 78 - Workbook3E

Do Your Homework First
Consider all the aspects about housing and location before you move. Consult with experts and neighbors under similar circumstances. Spend a little time researching so you won’t regret an uneducated decision. If married, you need to discuss plans for retirement housing, location, and lifestyle with your spouse. Two people may have differing ideas about where and how they want
to live. A strong relationship includes compromise to meet both your needs.
5 Retirement Finances
Finances can change virtually every goal you make while planning your retirement. You may even be using this Workbook because you don’t want to fail in retirement. You’ve taken an important step by educating yourself. Financial problems are always a challenge to overcome, but they can be even more challenging during retirement.
Your Income
For the most part, the rules you follow to maintain financial stability now, are the same ones you need to follow during retirement. The lessons you’ve learned during the previous Workbooks will help your ongoing journey toward financial fitness and freedom.
Throughout his career, Bruce had all his checks automatically deposited into the bank. His wife Diane gladly budgeted the money accordingly, because she knew just how much would be in the bank. Both Bruce and Diane were happy with this arrangement.
However, now that Bruce has retired, they’ll need a new approach in planning the use of their various sources of income.
Please Note: Tax laws are always changing. You need to consult a qualified investment or tax consultant regarding terms of investment, how much you can invest, and conditions affecting your withdrawal. Your employer may also have rules affecting your pension. The following descriptions are offered only for informational purposes and are not to be considered investing or tax advice. You can find more information at the U.S. Department of Labor website.
74 Workbook 3: Prepare for the Future