For many of our clients, summer is a time for vacations and visits, rest and relaxation. As we settle back into the swing of things during the fall, many realize the time has come to touch base with their advisors to ensure they and their loved ones are on track for retirement.

Whether you’re in retirement, nearing retirement, or watching a family member move closer to the retirement transition, now is a great time to consider retirement readiness. After all, the key to a successful retirement is to plan early.

In today’s world, individuals are living longer than ever before. Medical costs are rising at a steep trajectory. Political uncertainty in Washington D.C. isn’t helping matters. Not to mention, the financial landscape is incredibly complex, and the amount of choice between savings vehicles, investments, and tax decisions makes it difficult to figure out what to do.

Despite all of these factors, it’s still more than possible to live the retirement of your dreams. It just takes upfront planning. At Haverford Trust, we have decades of experience helping individuals plan for retirement. Based on this experience, we’ve developed a helpful process and checklist for individuals of all ages to consider.

Please use this list as a guide for the elements you can control before settling into your golden years:

  1. Assess your healthcare needs: Healthcare continually ranks as one of the largest expenses among the retired population. A married couple retiring in 2019 can expect to pay an average of more than $285,000 in medical bills1 in retirement, not including long-term care. With healthcare costs rising between 2 and 4 percent2 each year, this figure will only continue to increase. Families should begin thinking about and discussing preferences when it comes to potential medical treatment and long-term care options today – before these decisions come knocking at the door.
  2. Make smart financial decisions: When preparing for retirement, it is critical to ensure your financial ducks are in a row. Small financial decisions today can significantly impact tomorrow. Ensure retirement savings contributions are at appropriate levels and carefully keep discretionary spending to a minimum. It is also important to establish power of attorney and advance medical directive before they are needed, and make sure you and your loved ones aren’t falling for or susceptible to any financial scams, especially those designed to target seniors.
  3. Set your desired retirement lifestyle: Those planning for retirement tend to wisely focus most of their attention on how to save enough money, but it is important not to overlook planning what type of lifestyle you want to live. Where do you want to live? How much do you want to travel? What hobbies might you wish to pursue? Where will your friends and family be living? What type of long-term care facility are you interested in? Making sure you are not only financially comfortable, but able to live a happy, enjoyable life, is paramount to a successful retirement.

If you are thinking about retirement, either for yourself or for your loved ones, Haverford Trust is here to help. Contact your portfolio manager to discuss your plans.



The information provided herein is not intended to be, and should not be construed as, legal or tax advice or a legal opinion. Haverford does not provide legal or tax advice. You should contact your legal or tax advisor regarding your specific tax situation prior to taking any action based upon this information.

Investments in securities are not FDIC insured · Not bank guaranteed · May lose value.