5 Points to Consider if You Are Retiring in 5 Years

5/24/2024 (Updated: 10/20/2025)

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5/24/2024 (Updated: 10/20/2025)

TRANSCRIPT:

Hi! I’m Chase Hall a Financial Consultant with SouthState Investment Services.

Retirement is an exciting prospect for many & choosing how to spend your retirement could likely be based on the planning you do today. If you are wondering how to get started, here are 5 points to consider within 5 years of retirement.
1. Estimate your monthly income & allowances. While your monthly expenses could decline, they could also quickly change based on your health or family circumstances, so estimating on the higher side is always a good idea. Consider reviewing your portfolio & evaluating any other income-producing & growth investments. And don’t forget to include any Social Security or Required Minimum Distributions.

2. Where will you live? Have you considered relocating to a state that doesn’t require as many taxes? Many retirees consider downsizing to lower expenses, or plan to move closer to family to help care for grandchildren or loved ones.

3. Consider your income distribution plan & tax impact. You’ve worked hard to save in your retirement accounts but what should you do when it is time to make withdrawals? Utilizing tax efficient withdrawal strategies & investments can be helpful tools. But before you make any decisions, consult with your qualified financial & tax professional to see what is right for you.

4. Healthcare costs are one of the largest expenses many retirees face. Will you apply & be eligible for Medicare & will this cover your present & future needs? It is possible you or a loved one may need long-term care at some point during retirement & this could affect your overall bottom line.

5. And lastly, what will you do? How do you dream of spending your days? Will you take time to travel & see the world, or would you prefer to keep closer to home & pick up a new hobby? However you want to spend your retirement, it’s important to make sure your finances can support your overall goals.

Planning for retirement involves setting goals & a defined strategy toward those goals. Whatever your plans are, make sure you have made all of the arrangements beforehand so you can live your retirement as confidently as possible. For assistance with making a plan for your retirement, reach out to your local SouthState Investment Services Financial Consultant today.

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5 Points to Consider if You Are Retiring in 5 Years

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5 Points to Consider if You Are Retiring in 5 Years

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