Sponsored by St. James Place
With the changing landscape of the world, it’s important now more than ever to plan for the longevity of retirement so you can thrive during life’s rough patches. Planning for retirement is more than just saving your money. It’s planning for all of life’s unforeseeable changes and prioritizing what’s most important to you, so you can live life your way.
St. James Place consulted with the financial professionals at Raymond James to provide some tips on how to turn your years of hard work into the lifestyle you want, even in uncertain times.
3 ways to plan:
1. Build a buffer. You’ve spent years saving and investing for a padded retirement, but sometimes life can get in the way. Most future retirees don’t take into account risks such as market downturns that could affect retirement. Although it may seem counterintuitive, a good way to plan for a successful retirement is to keep a smaller percentage in stocks leading up to and just past your retirement date.
2. Organize your retirement goals. Three major categories will keep your retirement spending on track: needs, wants, and wishes. Put reliable income first toward essential expenses, like housing and insurance. With your needs taken care of, tap into your retirement assets to support the lifestyle you want, from your monthly subscriptions and polishing your short game to ensuring your wishes of a lasting legacy for future generations and the causes you care about.
3. Plan for big expenses. Whether you’re staying put or moving somewhere more low-maintenance, housing will probably be one of your biggest expenses. It’s important to consider what living arrangements suit you and to evaluate how downsizing and relocating to a retirement community can support your lifestyle.
Visit stjamesplace.org to learn how you can live life your way during retirement. Private tours of St. James Place are available, following social distancing and safety measures. Call 225-215-4510 to schedule a private appointment with a member of our sales team. For financial consultation with Raymond James, visit raymondjames.com to find an advisor in Baton Rouge. Raymond James is not affiliated with St. James Place.