Preparing for retirement involves much more than choosing a retirement date. Your income needs, investments, Social Security, healthcare expenses, lifestyle goals, and other financial resources can all influence your retirement strategy.

For individuals and families in the Brainerd Lakes Area and throughout Minnesota, here are five important areas to consider as retirement approaches.

1. Understand Your Retirement Income

Start by identifying the income sources you may have available during retirement. These could include Social Security benefits, pensions, retirement accounts, investments, annuities, and other assets.

Understanding how these resources may work together can help you develop a clearer picture of your retirement income.

2. Review Your Social Security Options

The age at which you begin receiving Social Security benefits can affect the amount you receive. Your individual circumstances, other income sources, and retirement goals should all be considered when evaluating when to claim benefits.

3. Evaluate Your Investment Strategy

An investment strategy that made sense earlier in your career may need to evolve as retirement approaches. Consider your time horizon, income needs, risk tolerance, and overall financial objectives when reviewing your portfolio.

4. Plan for Healthcare and Unexpected Expenses

Healthcare can represent a significant expense during retirement. In addition to regular living expenses, consider how your financial plan could accommodate healthcare costs and other unexpected expenses.

5. Think About the Retirement You Want

Financial planning isn’t only about numbers. Think about what you want retirement to look like. Travel, time at the lake, hobbies, family, charitable giving, or other goals can influence how much income you may need and how you structure your financial strategy.

Start With a Conversation

There is no single retirement strategy that’s appropriate for everyone. At Lakes Financial Services in Brainerd, Minnesota, we help individuals and families evaluate their goals, financial resources, and retirement priorities to develop personalized financial strategies.

Ready to discuss your retirement goals? Schedule a conversation with Lakes Financial Services.

This material is for general informational purposes only and is not intended as individualized investment, tax, or legal advice. Consult the appropriate professionals regarding your individual circumstances.