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Phases of retirement

Preparing for changing needs

It’s important to understand the three phases of retirement and typical experiences and financial needs that emerge during each phase, so you can prepare and shift your financial priorities accordingly.

Gearing up (50, 60s)

Use this time to maximize retirement savings and pay down debt. You’ll also want to develop a specific financial strategy for your retirement that addresses items such as when to begin receiving Social Security benefits and how to manage health care costs.

Taking off (60, 70s)

Maximize your life experiences while keeping your financial footing. Now might also be the right time for you to downsize from your current residence to a more carefree lifestyle.

Cruise control (70s+)

Managing your health may become a prime issue. This is a time when family takes on greater significance and many retirees consider leaving a legacy, if financial resources are available.