Financial Empowerment In Retirement
Retirement marks a pivotal transition in terms of financial security. As you move into this time of life you may be faced with unique challenges and opportunities. You need to be sure your resources will sustain the lifestyle you envision. You should determine how to protect your financial well-being and make choices that will empower you for the years ahead.
The first crucial step is to assess your current financial situation. Gather information about your savings, investments, retirement plans and any income streams that are in place.
Budgeting is an empowering process. Review your monthly expenses and see what can be trimmed without impeding your lifestyle. You may discover you have the flexibility to invest in passions such as travel, hobbies or learning experiences. A budget that takes into consideration sources of income from government benefits, retirement plans and personal savings and investments will enable you to enjoy this next phase of life.
This is a time when you may want to explore ways to supplement your income by consulting, teaching, part-time work or starting a new business. These options may be related to your passions for travel, hobbies or learning. Budgeting appropriately will provide peace of mind.
Getting professional advice from an advisor or planner can help you optimize investments, plan for healthcare expenses and navigate key financial decisions like downsizing or managing an inheritance. Experts should be used to guide you in understanding tax implications, estate planning and ways of achieving your goals that align with your values.
Planning for changes in healthcare needs requires researching insurance options, having funds available for unexpected medical costs and being aware of resources that are available to meet changing needs.
Importance of legacy planning and reviewing documents such as wills and designated beneficiaries should go along with discussing your wishes with those that matter to you. All this protects assets and provides peace of mind.
Now is the time to take charge of your financial future by making informed decisions and seeking expert advice. These actions will give you the sense of empowerment that you deserve so you can enjoy life.
Ella Newman
Ella Newman is a seasoned financial professional with more than thirty‑five years of experience advising individuals, families, business owners, and their professional partners. In her role at Norton Advisory Group, she serves as both a Financial Advisor and Business Development leader, helping clients implement insurance‑based strategies for retirement planning, estate planning, and business succession. She has held various leadership positions in nonprofits and community organizations She speaks about financial empowerment for women's groups. She achieved her MBA in Finance at Baruch College and undergraduate degree in Economics at CUNY. Ella is life insurance licensed in several states. Her spare time is involved with watercolor painting, arts, travel, writing and family.
