Runway to Retirement

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Get ready for the flight of your life – retirement! Runway to Retirement helps you create a tailored plan to make take-off smooth and successful. Put together an itinerary with peace of mind, allowing yourself time and resources to explore new horizons. Bon voyage on this exciting journey ahead!
Ms. Black

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Pension Consultation and Retirement Portfolio Evaluation

Pension consultation to evaluate my current retirement accounts so that I could make any necessary corrections or revisions to my retirement portfolio which includes: a pension, 403 (b) Tax-deferred Annuity, and 457 Deferred compensation. 

My pension consultant estimated that my pension would be approximately $100,000 a year based on potential raises within the next 10 years. He advised me to review my estate planning documents. He also suggested options that I could utilize to pay my son’s college tuition. 

My pension consultation made me feel like I was financially on track and needed to take care of my estate planning.  So I contacted an estate planning attorney and began the process of  revising my advance health directive, living revocable trust, power of attorney and will. 

I utilize a cake analogy to refer to my financial retirement plan. The pension is my cake because it will be the majority of my income in retirement. The 403 (b) TDA is the icing on the cake because I will tap into it once my pension no longer meets my monthly cost or I am forced to Required Minimum Distributions (RMD). The 457 Deferred Compensation is the candles because it has less funds and I will compound interest time to work its magic. Social security is the sprinkles on my cake because there is always talk about whether it will be around for me to collect it when I reach federal retirement age of 67. 

To ensure that I get to have and eat my retirement cake I began to pay more attention to my monthly spending. I reviewed my mortgage payoff plan to make sure that I would go into retirement debt free.

PhaseTimingFocus of Phase
IMAGINATION15 years pre-retirementRetirement Planning
ANTICIPATIONUp to 5 years pre-retirementExcitement about retirement; Last minute anxieties and doubts
LIBERATIONRetirement Day & 1 year post-retirement“Honeymoon” Phase
REORIENTATION2-15 years post-retirementReadjust priorities, activities, relationships
RECONCILIATION16+ years post retirementRelative contentment, hopefulness, and acceptance