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Money Milestones: Four Financial Goals for Retirees

BECU Investment Services

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If you saved for retirement for a while, you might look forward to a break from financial responsibility for the remaining portion of your life. But striving for financial freedom should not end when you hit retirement. You might continue working toward new financial goals every year or every decade to manage the freedom you worked so hard to achieve. Here are four financial goals that older individuals might consider.

Keep an Eye on Your Budget

With inflation hitting nearly double digits since the COVID pandemic, those planning for a steady 2% to 3% per year have found themselves adjusting to significant increases in consumer prices. It is important to keep a close eye on your budget so that you might quickly adjust your committed expenses or your savings withdrawal rates. Sometimes, you might even need to reevaluate when to claim Social Security payments.

Plan for Gifts

You might want to begin distributing your assets to your children and other loved ones so you can communicate what the gesture means, and discuss how it might impact their lives. By providing these gifts during your lifetime, you might be able to manage the value of your estate enough to avoid any estate tax.

However, not all gifts are equal. It is important to have a gifting plan so that you and the recipient might get the most out of your financial gift — whether this means avoiding taxes or even setting up a spendthrift trust to limit the level of access that a beneficiary has to the assets to ensure the assets aren't misused.

Watch Out for Fraud

Scams continue to become more sophisticated. The older you get, the fewer defenses you might have against a well-prepared scam artist. Take advantage of the resources available to guard against fraud, such as multi-factor authentication or an encrypted password manager. Above all, do not click on links in an email you do not recognize, and do not make payments in gift cards or untraceable money transfers.

Set Specific Goals

Whether you want to fund a home improvement project or lower your expenses to prepare for a move, it is important for any goals you set to have specific parameters, and to break the goals down into stages. Not only may this make it easier for you to assess progress, but it might help you identify what works — and what does not — when it comes to sticking to a financial goal.

Talk to a Financial Advisor

Financial advisors at BECU Investment Services are here to help. Our team will take the time to get to know you, understand your goals and plan and implement a financial and retirement strategy that's appropriate for you. Set up a complimentary consultation or call 206-439-5720 today.

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