What should you consider today to help you move forward?
You want retirement to be your chance to get out of the rat race and have time for the things you’ve always wanted to do. That’s great, but what exactly does that mean? Travelling? Volunteering? Spending time with family and friends? Starting a business? Simply doing nothing?
You may think your plans are just like everyone else’s, but that’s unlikely. They’re as unique as you are.
How you want to spend your time will definitely affect what you should be doing now to prepare for it. However, there are steps that everyone should consider taking today regardless of their retirement goals. Here are six of the most important:
If you haven’t gathered your ideas about retirement together and distilled them into a cohesive investment plan, that’s a great place to start. Or if you have a plan stuck in a drawer somewhere, you need to revisit it.
Even if you don’t have a retirement plan as such, chances are you have savings in employer-sponsored qualified retirement plans (QRPs), such as 401(k) or 403(b) plans, or a traditional or Roth IRA.
Over the years, you may have accumulated a number of IRAs and QRP accounts with your current and past employers. Along with that, you may own taxable investments in different full-service and online accounts. And your spouse or partner may be in a similar situation. Take time to figure out how many accounts you actually have, and consider the potential benefits of consolidating them.
When the market takes a big hit, you may be tempted to sell investments with the intention of getting back in when the things turn around. This practice, known as market timing, may sound good, but as we’ve all seen, the market can be extremely unpredictable, making success with this strategy very difficult.
Events like a sudden job loss or unanticipated home repair can quickly derail your retirement plans. To help protect you and your family, consider keeping an emergency fund with enough money to cover three to six months of living expenses.
If you’re not comfortable with or interested in managing your retirement savings, consider using an advisory account.
Meet Kris Cobb, CFP®, CDFA®
Senior Vice President – Investments
I began my wealth management career in 1998, and have been with Wells Fargo Advisors for more than 20 years. In order to work more holistically with my clients, I became a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional and then sought out and achieved the Certified Divorce Financial Analyst (CDFA®) designation the same year.
In 2020, I was named a Premier Advisor, a distinction held by a select group of Financial Advisors within Wells Fargo Advisors as measured by completion of educational components, business production and professionalism. Additional criteria, including length of service, may also be used to determine recipients.
“I am the self-appointed social director in all aspects of my life – from hosting and cooking for family and friends to organizing client events.”
– Kris Cobb
I reside in Sugar Land, TX, with my four-legged children (two cats and a dog), and I have four sons, one who still lives at home. In December 2019, I had the great pleasure of becoming a first-time Grandma, when my grandson made his debut.
Organizing events and being active in my community are two of my passions. I am the self-appointed social director in all aspects of my life – from hosting and cooking for family and friends to organizing client events. I recently became a board member of the Parks Youth Ranch in Fort Bend County and a board member of the Literacy Council of Fort Bend County. I am also a board member of the Houston Business Cabinet and a parishioner and lector at St. Theresa Catholic Church in Sugar Land.