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If you are like most of us, you’re not rich, a trust fund baby, or independently wealthy; therefore, you need to plan for your retirement by saving for it from the time you start working. Invest all your money saved (preferably every month) in the available mutual funds and your 401K or IRA ETFs. Review the investments periodically with your financial advisor to ensure the investment fits your retirement strategy. Please make sure they are vetted and ask for credentials. Once you reach retirement age, feel comfortable retiring, and have saved enough money to afford it, you must invest your money to generate monthly income for you and your spouse.















This interest or dividend income automatically gets reinvested into your brokerage account monthly or quarterly. These days, when technology is readily available and at your fingertips, you can use your computer to access your brokerage and bank accounts, review investments, track both growth and income, and set up a monthly electronic transfer of money to your checking account to pay your monthly bills, afford vacations, indulge your grandchildren, and live on. Review your investments with your financial advisor annually and make changes based on your investment strategy.















Make sure you invest long-term, and don’t buy and sell investments based on the market’s short-term swings. Chasing the market’s ups and downs is a way to lose money. Most brokerage houses, such as Merrill Lynch, Fidelity, Schwab, Ameritrade, etc., can set up this automatic transfer in your brokerage, IRA, or 401K accounts to whichever bank has your checking account. You need to file forms at your local brokerage office or online. You need to do this with all your retirement accounts, such as your 401K, pension plans, Profit-sharing plans, IRAs, Roth IRAs, 403 B’s, Social Security, and any other pension plans you have. No matter where the accounts are, the bank or brokerage house can set up a direct deposit to your checking account each month or when needed. This cash will ensure you have enough money in your checking account when needed. You need to monitor your investments to ensure they are performing as expected. If the investment strategy, industry, or market changes, you need to adjust your investments as appropriate.















Consult with an investment advisor or financial planner to ensure you do everything right for your investments and family. Finally, as things change in your assets, you need to keep an eye on the cash flow and ensure enough cash is coming in to satisfy your monthly needs and that you have enough money in a cash or savings account in your brokerage account to cover the monthly cash transfer. If you have any questions, consult your financial advisor or brokerage house.















Listed below are several articles on what you need to do to retire and have an income to fall back on. Sections on income, savings, and legal make it easier to navigate this page.














  • Is It Time to Lock In Those 5 Percent CD Rates for 2024?

    Savings returns may slide next year if the Fed reverses course

  • I’m 70 and am thinking of going back to work to qualify for Social Security. Should I? – We are both 70. I retired in 2011 and she retired in 2015. My pension nets me approximately $70,000 per year and hers nets her about $14,000 a year. I have another small annuity from a fun part-time job I had for about 35 years, coaching high school soccer. That one nets me about $163 per month. We have approximately $800,000 (after the market downturn) in investments. We own a house free and clear that has a market value of approximately $200,000. We have no debt other than credit-card debt, and I pay that off completely every week.
  • We’re retired Market Watch – We’re retired, have about $350,000 in our accounts and live comfortably with Social Security and pensions. Should we pay off our $132,000 mortgage? – By Alessandra Malito
  • 10 Places to Retire on Social Security Alone – In these places, the median household income is lower than the average Social Security benefit for couples.
  • How to retire early — 35 years early – Andrea Coombes’ Working Retirement – MarketWatch — For many Americans, the idea of an early retirement is pure fantasy — many surveys suggest that a good portion of us are convinced we’ll never be able to retire. But what if retirement saving…
  • Why You Should Never Wait Until After 70 to Take Social Security
  • How Money Affects Happiness – With money ahead, will Mega Millions winners find happiness far behind?
  • Road to retirement: Ways to make retirement… – Deanell Reece Tacha has the characteristic enthusiasm of a 3L: “I’m in my third year here, and I love it. It’s interesting and challenging. There is something to not just letting yourself…

























































































If you are in the 99% of people who have not saved enough for retirement, you need to keep a part-time job during retirement. Most people need it to keep engaged and remain young and healthy. Most boomers also need a job to ensure enough income to pay their monthly bills. Below are some suggestions on how to have enough income to pay your bills in your later years. If you have been savvy enough, you have enough investments, pension, and social security income to pay for all expenses. But, if not, you need a job to supplement your income.



























































To prepare yourself and your loved ones for when you’re no longer able to make decisions, you need 4 essential estate planning documents to ensure your loved ones know what to do when the time comes. These are:















  • A will distributes assets upon death
  • A power of attorney manages finances
  • Advance care directives manage your health.
  • A living trust is an alternative to a last will





























This list is by no means all-inclusive. The recommendation is to consult an estate planning attorney to personalize your plan further. Having the above documents in place is critical and will help a loved one to start crossing other estate planning decisions. Take the next visit as an opportunity to have those conversations with your loved ones.















  • Understanding the power of powers: Five steps for the Durable Power of Attorney agent – The Durable Power of Attorney is the document that your dad signed, before his present confusion, authorizing an agent — you — to manage his financial affairs. If you are in luck, it was prepared by a competent attorney pursuant to Texas law and was signed by your dad in front of a notary.






















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