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Kate Hyland Mercer

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5 Strategies for Successful Retirement

Advice to Live By From the Experts at Ferris Wheel Finance, Inc.

Article by Kate Hyland Mercer

Photography by Prion Photography

Originally published in Venice City Lifestyle

Financial independence is a journey not just a destination. How do you know if you are on the right path?  Here are five strategies for success in planning and living in retirement!

1.    Consider Your Retirement Goals: Make a list of things you want to accomplish. Think of your retirement in three stages: 60-75, 75-85 and after 85 years old. This allows you to prioritize items as must-haves, want-to-haves, and nice-to-have within each stage. If you are already retired, take some time to review how you are enjoying it. Did you have goals you wanted to accomplish, but they got lost in the shuffle? Get back on track and start making plans. Re-commit to being intentional about enjoying your well-earned retirement.

2.    Consult Your Financial Advisor: Find out if your dreams are attainable. Tradeoffs might be necessary. See if there are little changes you can make now that will have an impact on your future. Saving enough before you retire is a big key to your retirement success.

3.    Plan Ahead: Families are often remiss in maintaining their paperwork regarding the future, even though they are good at saving. If you have multiple homes, or a blended family, etc., having a will may not be sufficient. Creating a trust ensures your wishes are handled expeditiously without probate. Have a will from another state? Secure the services of a Florida-based attorney to update it once you change your residency.

4.    Handle the Details: To protect your bank accounts from probate, you will need to name beneficiaries, just like with your investment accounts and your life insurance policies. If you have a joint account, you will need to name a POD (pay on death) beneficiary in the event both of you pass at the same time. Having correct beneficiaries saves time and angst!

5.    Connect with your Team: Keeping up with the rules and tax codes for investments and/or income is difficult. Every year, it becomes more complicated. Communicate with your financial team to ensure you get all the benefits of the latest updates. 

Congratulations! Following these strategies should allow you to feel confident you are on the right path to a thriving and successful retirement!

Kate Hyland Mercer is a Financial Advisor for Ferris Wheel Finance, Inc. She can be reached in Venice at 941.483.3600 or learn more at Advisory services are offered by Ferris Wheel Finance, Inc., a registered investment advisor in the State of Florida.

  • Kate Hyland Mercer