This is the first thing you should do after retiring in Georgia
If you’re in your 60s, the days of fighting through Atlanta traffic and clocking into an 8-to-5 are likely coming to an end.
You're nearing the retirement finish line, so what's next? You plan — financially.
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"If you have a financial plan that looks at the whole financial picture — building wealth and protecting wealth from risks — that's when you can live life differently in retirement with more confidence," said Brian Ford, financial representative with Northwestern Mutual in Atlanta.
Before relishing coastal shores to majestic mountains of the Peach State, one must first sit down and become brutally honest with their have and have nots to sustaining after retiring.
"I encourage people retiring in Georgia to evaluate their entire portfolio with the help of a financial professional to make sure the plan addresses the full picture," Ford said.
That means indexing assets — stocks, bonds, mutual funds, cash, cars and accounts — to liabilities like credit cards and loans.
Having a general idea about what your cash flow will look like after office life is key, which is why talking with a financial professional becomes a necessity way in advance.
Once your completed financial portfolio is built out, then you're able to make lifestyle decisions: traveling to spend time with in- and out-of-state family and friends or investing in new real estate ventures in developing communities.
"Many Georgians know that they're investing for retirement, but they don't know if they've saved enough," said Ford. "They aren't sure if they're investing efficiently and don't know how they would address rising health care costs; a long-term care event; the impact of taxes and inflation; and other risks to retirement."
So to prevent these retirement stressors after you've officially clocked out of working America, commit to seeking out a reputable financial consulting firm to plan your Georgia dream lifestyle sooner rather than later.
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