We’ve all dream about the day we can retire, the free time we’ll have to find a new hobby, travel to a new place, or simply, do nothing but sit and relax. But in order to enjoy the retirement years like you want to, you’ve got to plan ahead. In particular, you need to protect five financial freedoms. They are:

1. Guaranteed Income

Have you taken the steps today to secure your financial future: for yourself, your spouse and your family?

Remember when you retire, you won’t receive a regular paycheck. Not having that steady income may come as a shock. You may start to panic as you begin to dip into savings for daily expenses. You may need to live on a strict budget. You may end up needing to find a job. And, if you decide you need to return to work, it most likely won’t be in a full-time position with a full-time salary.

As you think about retirement, you need to realize this: the day you stop working is the day you surrender your guaranteed income. However, by developing a strategic plan now with your financial adviser you ensure that your financial situation is set up so that you can enjoy your retirement years worry free.

2. Travel

The number one thing most people want to do when they retire is travel. In fact, retirees are in the top 3 groups of travelers in the United States and spend about 20% of their retirement income just on travel.

It shouldn’t be a surprise that retirees are on the move. They have the freedom to take vacation whenever they want since the job isn’t tying them down anymore. However, the question that needs to be asked is that as retirees, while you may be able to pack up and go whenever you please, do you have the financial freedom to do so? How can you fulfill your dream of visiting new locales in America or around the globe if you live on a fixed income?

By working with your financial adviser, travel is possible. Together, you can create a retirement plan that includes travel in your financial future so that you don’t need to give up your desire to explore the country and even the world.

3. Legacy

As parents, your instinct is to take care of your children even when they become adults with kids of their own. One of the most important ways you can do this is by giving an inheritance to your kids once you’ve passed on.

While you have many years of making memories with your family, now is the time to make sure you’ve invested your money wisely. Making wise choices means considering the various tax benefits that different financial options have to offer. I know it can be confusing and frustrating to compare the options available to you, and that’s why it’s a good idea to turn to a financial adviser to counsel you on these important decisions. Your family’s well-being is at stake.

4. Autonomy

Life prepares us to be independent, doesn’t it? Sure, at first, we depend on our parents to care for us, to protect us. As we grow older, we build our independence. We start our own families. We become the providers.

However, during the retirement years doubt may begin to creep in about your ability to live autonomously. Without a steady stream of income, you start to wonder if you need to find a job or whether you can afford to live on your own. Talking with your financial adviser and planning for your future can alleviate these doubts and give you peace of mind knowing that you can continue to live the independent life you want.

5. Choice

When you think of retirement, a number of things come to mind, particularly a list of all the things you want to do and the age you want to retire. However, one vital piece of information that you may not have thought about is how much you’ll need to retire AND live comfortably. If this describes you, talk with your financial adviser today. Believe me, you don’t want to wait until you’re close to your targeted retirement age because you might discover that you’ll need more to live the retirement lifestyle you want. Your financial adviser will work with you to make sure you’re saving enough now so your dream lifestyle can be your retirement reality.

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