SPONSORED

Setting yourself up for a stress-free retirement | 5 tips to make your retired time more worth while

Aug 30, 2021, 11:13 AM | Updated: Jan 4, 2023, 2:44 pm

Stress-free retirement...

Photo: Adobe Stock

Teton Wealth GroupThis article about your stress-free retirement is presented by Teton Wealth Group. Take their retirement mistakes quiz to see where you stand.


You know you need a retirement plan and an income plan. What about a plan for happiness?

There isn’t a guarantee you will have a stress-free retirement, but here are some tips on creating happiness in retirement. You could call it a “happiness plan”. It has three components; money, health, and relationships.

For a stress-free retirement start by tying up any financial loose ends

stress-free retirement

Photo: Adobe Stock

Many retirees have a strong desire to have their house paid off before retirement. It’s not always the most mathematically sound decision. But if it lets you relax and enjoy your retirement, then it may be worth it.

It’s best to pay off any and all debt before retiring. That could mean delaying the big day for a year or two. Paying off debt could help you delay taking Social Security to help get you a bigger monthly check. This is one case where your patience could really pay off. That could certainly add to your happy plan.

Eliminate the fear of running out of money

Stress-free retirement

Photo: Adobe Stock

That is what most retirees fear most. Running out of money before running out of life. The right advisor can help you achieve success here and potentially add to your happy plan. The right withdrawal strategy for starters. An annuity may be one option. Life insurance is worth having a discussion about. Again your advisor can help you maximize your portfolio to ensure it will last all the way through retirement.

Downsize

Stress-free retirement

Photo: Adobe Stock

Not only will downsizing save you money and help your funds to last longer in retirement, but it may actually make you happier depending on the lifestyle you prefer.

Moving from a high-tax city or state to a place where taxes are lower is one way to have an immediate impact. Experts say consider all the taxes including income, property, sales tax even inheritance tax. One caveat is you must live there for at least six months and one day per year.

Build in a buffer

Stress free retirement

Photo: Adobe Stock

You should create a financial plan for retirement that accounts for how much money you will need each month and where that money will come from, including a clear-cut withdrawal strategy to avoid running out of money.

To mitigate any potential worries, you should also build a buffer into this financial plan that would cover any expenses outside of the anticipated monthly expenses. Try for 10%.

Meet with a financial advisor

financial advisor - stress free retirement

Photo: Adobe Stock

You don’t have to come up with a “happy plan” on your own. Your advisor can work with you to achieve your retirement goals. Deciding to work with qualified advisors like the Teton Wealth Group advisors can help prepare you for retirement.

Every family working toward retirement needs an Ascent Plan. Click here for a complimentary Ascent Plan from Teton Wealth Group today. Or take their retirement mistakes quiz to see where you stand.

Related articles:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Sponsored

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

1 month ago

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

3 months ago

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

4 months ago

...

Cougar fans - don't miss the 2022 Macey's Tailgate Parties!

Macey’s BYU Tailgate Parties 2023

Cougar fans - don't miss the 2022 Macey's Tailgate Parties with KSL NewsRadio!

6 months ago

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

6 months ago

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

6 months ago

Setting yourself up for a stress-free retirement | 5 tips to make your retired time more worth while