5 Points to Consider if You Are Retiring in 5 Years

Play Button

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.
 

  • Broker

    Your Bank (“SouthState Bank”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for brokerage or advisory services.
    Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

    *Please consult your tax-advisor for tax related issues.
    **Products and services offered through LPL Financial.

    Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC.). Insurance products are offered through LPL or its licensed affiliates. SouthState Bank, N.A. and SouthState Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using SouthState Investment Services and may also be employees of SouthState Bank, N.A. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, SouthState Bank, N.A. or SouthState Investment Services. Securities and insurance offered through LPL or its affiliates are:

    The services offered within this investment site are available exclusively through our U.S. registered representatives and are available for U.S. residents only. LPL Financial U.S. registered representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.

  • This content is general in nature and provided for informational use only. Content may be used in connection with the advertising and marketing of products and services offered by SouthState Bank, N.A. and its subsidiaries and affiliates. This is not to be considered legal, tax, accounting, financial or investment advice. You should seek individualized advice from personal financial, legal, tax and/or other professionals, as appropriate depending on the specific facts of your situation. We do not make any warranties as to the completeness or accuracy of this information and have no liability for your use of this information.

Secure Log In

Close login menu
Login Error

Your username is valid but has a problem. Please call customer support

Our website uses cookies to ensure your online experience is as informative and relevant as possible. Please review our Privacy Policy to learn more about the information we collect.