Retirement Planning

What Kind of Retirement Do You Want?

December 07, 2015

Preparing for your later years requires looking at a host of personal and financial details. To enhance your chances of living the retirement lifestyle that you desire, you may want to start by making decisions about how you want to live and basing your financial planning on these lifestyle parameters.

"retiredTo get started, consider the following:

  • How do you want to spend your time? Some retirees capitalize on years of experience and transition to a work arrangement that enables them to earn income without the demands of working full time for someone else. Examples could include working part time or seasonally, being a consultant in your chosen field, or applying transferable skills to a new endeavor. If you prefer to stop working entirely, explore options -- such as volunteering or pursuing personal hobbies -- that you are likely to find fulfilling. Try to devote blocks of time, such as weekends or vacations, to these endeavors before you retire to gauge whether you would enjoy them on an ongoing basis.
  • Where do you want to live? Review your preferences regarding your immediate environment. Do you prefer the stimulation of a large city or the natural beauty of the countryside? Do you appreciate the independence associated with a single-family home or would you be happier in an apartment or condo with neighbors down the hall? Factors such as weather, cost of living, proximity to loved ones, and recreational or cultural opportunities may come into play.
  • What resources (financial and other) are available to you? Financially speaking, your options for collecting Social Security or converting assets to an ongoing stream of income may influence your retirement planning. Your personal support network is also a factor. For instance, nearby friends or family members who share your interests may make it easier to arrange a stimulating social calendar. In contrast, individuals whose personal identity or social network is rooted in their job may feel more comfortable pursuing activities that build on career skills.
  • What preparations do you need to consider prior to retirement? Consider creating a budget that takes into consideration the ongoing living expenses associated with your desired lifestyle. This budget can help you determine whether your financial resources are likely to be adequate or whether you need to modify your plans.

Reviewing your personal and financial objectives in tandem may enable you to embark on a retirement that is one of the more fulfilling periods of your life.


The opinions expressed in this newsletter are those of the author and may not reflect those of The Washington Trust Company. The information in this report has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Any opinions expressed herein are subject to change at any time without notice. Any person relying upon this information shall be solely responsible for the consequences of such reliance. Performance is historical and does not guarantee future results.

Connect with a wealth advisor

No matter where you are in life, we can help. Get started with one of our experts today. Contact us at 800-582-1076 or submit an online form.

Contact us

This document is intended as a broad overview of some of the services provided to certain types of Washington Trust Wealth Management clients. This material is presented solely for informational purposes, and nothing herein constitutes investment, legal, accounting, actuarial or tax advice. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. Please consult with a financial counselor, an attorney or tax professional regarding your specific financial, legal or tax situation. No recommendation or advice is being given in this presentation as to whether any investment or fund is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors, or markets identified and described were, or will be, profitable.

Any views or opinions expressed are those of Washington Trust Wealth Management and are subject to change based on product changes, market, and other conditions. All information is current as of the date of this material and is subject to change without notice. This document, and the information contained herein, is not, and does not constitute, a public or retail offer to buy, sell, or hold a security or a public or retail solicitation of an offer to buy, sell, or hold, any fund, units or shares of any fund, security or other instrument, or to participate in any investment strategy, or an offer to render any wealth management services. Past Performance is No Guarantee of Future Results.

It is important to remember that investing entails risk. Stock markets and investments in individual stocks are volatile and can decline significantly in response to issuer, market, economic, political, regulatory, geopolitical, and other conditions. Investments in foreign markets through issuers or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, or other conditions. Emerging markets can have less market structure, depth, and regulatory oversight and greater political, social, and economic instability than developed markets. Fixed Income investments, including floating rate bonds, involve risks such as interest rate risk, credit risk and market risk, including the possible loss of principal. Interest rate risk is the risk that interest rates will rise, causing bond prices to fall. The value of a portfolio will fluctuate based on market conditions and the value of the underlying securities. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment loss. Investors should contact a tax advisor regarding the suitability of tax-exempt investments in their portfolio.