As the global economy continues to evolve, and wages have remained stagnate here in the U.S., more people are asking, “How will I retire?” rather than “When can I retire?”

Today, transitions are often forced when a company gets purchased and layoffs occur, or, downsizing happens due to economic changes.  Often, we see the new income stream from the new employer is less and often with fewer benefits. Even if you haven’t been transitioned to a different company due to layoffs or restructuring,  if you’re on the brink of retirement, you’re questioning how you will retire. Having endured the past decade of slow recovery from the “Great Recession” and considering the possible longevity of your life in the next phase, “How” you will retire and what that looks like for you is the bigger question.

It takes courage to sit down and really look at your financial situation. For some, they’ve had a number in their head for years and have met that number and feel it will get them where they believe they want to go in retirement. However, once that time (retirement time) is near, fear can get in the way of truly looking at the numbers, figuring out a plan or “roadmap” for your next phase and stepping off to begin retirement.

For others, it can be fear that stops them from making the “retirement” decision because they may have a fear of doing nothing. In other words, not knowing what you will “do” in retirement and how you might spend your days stops you from moving forward.

It truly is a bit of courage that brings our clients to the table to work on a financial plan for a financially sustainable, as well as, healthful lifestyle. But, we are here with some straight-forward thinking that will get you on the right path as you begin contemplating and planning for your next phase.

You see, we’ve found that it’s a lot about “what” retirement means to you in order to figure out “how” you can retire.

Here are a few tips to help you begin to answer the question “How Will I Retire?” We believe that once you know these answers, you’ll be better able to actually plan for your retirement.

• Do you love what you do so much that you plan to work part-time at it in your next phase?

• Are you the type of person that desires to quit working entirely and just plan to relax, perhaps travel, start a hobby that has a cost associated with it in retirement?

• Do you have dreams of starting your own business in retirement or begin a different, if less profitable, job? Perhaps something you’re passionate about that you aren’t doing today?

• What expenses will you no longer have in retirement…mortgage? No longer need a 2^nd car?

• How much do you spend annually today?

• Any specific health concerns for you or a close family member?

• Do you save and invest regularly? If so, do you know if your savings and investments are enough for your next phase?

Once you’ve answered these questions, we feel, you’re off to a great start in finding the peace of mind that knowing what lies ahead for your next phase can bring. Step 2 is getting a financial planning partner. A financial planning partner can put it all together to document a plan for your future, your roadmap.

Important Note: The views expressed in this post are as of the date of the posting and are subject to change based on market and other conditions. This post contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

Please note that nothing in this post should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and should not be taken to be, investment, accounting, tax or legal advice. If you would like investment, accounting, tax or legal advice, you should consult with your own financial advisors, accountants or attorneys regarding your individual circumstances and needs. No advice may be rendered by Lenity Financial, Inc. unless a client service agreement is in place.