When I began my career as a Financial Advisor , I had always envisioned helping people navigate their financial lives into retirement as being this wonderful , big celebration moment filled with unending joy . And although the milestone is undoubtedly full of personal satisfaction , opening the door to new freedoms . I have found that this unique transition can bring a myriad of anxious emotions , most commonly ones of excitement and apprehension . Retirement from your career job marks the end of a chapter in your life and the start of a new lifestyle . If you ’ re pondering retiring in the next year or so , here are five tips to help you transition smoothly .

1 . Know the transition could take weeks – or months . You likely spent decades forming a routine around your work schedule . Establishing your new normal of volunteer work , an encore career or helping family will take time . If you are married , remember that your retired status may affect your spouse ’ s routine , too . Talk openly about how you ’ re feeling during the transition to keep your spouse in the loop .

2 . Communicate your retirement plans with family members . Your parents , kids or other family members will likely be interested in how you intend to spend your retirement days . Will you be visiting the grandkids more often ? Continuing to host family get-togethers ? Planning to move or purchase a retirement home ? As you share your plans , don ’ t forget to discuss your financial picture . The benefits of open communication are three-fold : it reassures your kids that you ’ re financially prepared ; allows you to introduce or remind your family of your estate and legacy plans ; and it establishes a safe space for both sides to discuss potentially challenging financial topics .

3 . Maintain healthy habits . Staying diligent with the activities that help you feel your best is important as you shift into retirement . Prioritize eating healthy , sleeping well , staying fit and maintaining friendships in your new routine .

4 . Evaluate your finances . Prior to retirement , you likely outlined how you will manage your cash flow . ( If not , today is the day to put a plan in place .) As you enter retirement , review your expenses to ensure they ’ re aligned with your plan . It ’ s common to revise your spending and activities after experiencing the

first few weeks away from your primary job , so it ’ s okay if you need to adjust how much you withdraw from your accounts each month . If you want to increase your spending , calculate what that means for your later retirement years , as you don ’ t want your savings to come up short . Consult a financial advisor for guidance on how to make your money last while living the lifestyle you desire .

5 . Reset your attitude . Retirement is not the ultimate finish line . Experiencing a lot of emotions is common but try to focus on what you ’ re excited about in this next chapter . And , remember you ’ re not alone . Talk to friends , family and professionals in your life for support along the way .

This Industry Insight was written by Jonathan D . Martin .

Jonathan D . Martin is a Financial Advisor with Ameriprise Financial Services , LLC in Bethel Park , PA . He specializes in financial planning and asset management strategies . Contact Jonathan ’ s office at 412.831.6240 extension 202 , located at 88 Fort Couch Road , Suite 210 , Pittsburgh , PA 15241 , or visit his website at www . ameripriseadvisors . com / jonathan . d . martin . Jonathan is licensed / registered to do business with U . S . residents only in the states of PA , OH , WV , AZ , CA , FL , IL , IN , NC , NJ , OR , SC and VA .

Investment advisory products and services are made available through Ameriprise Financial Services , LLC , a registered investment adviser .

Meet your future with confidence .

Jonathan D . Martin Financial Advisor

412.831.6240 Ext 202 88 Fort Couch Rd , Suite 210 Pittsburgh , PA 15241 jonathan . d . martin @ ampf . com ameripriseadvisors . com / jonathan . d . martin

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IN Bethel Park Winter 2021 | Page 12

YOUR FINANCES

FIVE TIPS FOR TRANSITIONING INTO RETIREMENT

Meet your future with confidence .