{"id":599,"date":"2018-12-10T00:00:00","date_gmt":"2018-12-10T00:00:00","guid":{"rendered":"https:\/\/www.stonepathwm.com\/retirement-planning-continues-even-after-you-retire\/"},"modified":"2018-12-10T00:00:00","modified_gmt":"2018-12-10T00:00:00","slug":"retirement-planning-continues-even-after-you-retire","status":"publish","type":"post","link":"https:\/\/www.stonepathwm.com\/retirement-planning-continues-even-after-you-retire\/","title":{"rendered":"Retirement Planning Continues\u2014Even After You Retire"},"content":{"rendered":"<p>One of the most rampant misconceptions about retirement planning is that it\u2019s something you do right up until the moment you leave the workforce\u2014and then, you\u2019re home free. That\u2019s simply not the case. Actually, retirement planning continues even into retirement itself\u2014albeit in a different capacity.<\/p>\n<p>Consider it this way: Before you retire, it\u2019s important to make sure you have enough in your savings accounts to provide for you from retirement until the end of your life. Once you retire, however, it\u2019s important to budget and manage your accounts properly\u2014ensuring those savings last as long as they were supposed to, and making any necessary adjustments on the fly.<\/p>\n<h2>How to Use the Bucket Approach<\/h2>\n<p>One strategy to effectively plan spending is to use the bucket system\u2014a way to segment assets into three basic categories.<\/p>\n<ul>\n<li>The first \u201cbucket\u201d is for short-term expenses\u2014basically anything you\u2019ll need within two years. This money needs to be highly liquid, which means either cash or short-term bonds.<\/li>\n<li>The second bucket is for expenses upcoming in three to six years. Work with your financial planner to decide how to carry these assets, but usually a mixture of stocks and bonds is appropriate.<\/li>\n<li>The third bucket is for more long-term expenses. For these assets, higher equity exposure is generally recommended. Again, it\u2019s important to go into specifics with your financial planner.<\/li>\n<\/ul>\n<p>Once you set up these buckets, you can decide how best to put them to work for your financial goals. Your short-term bucket may be used to fund day-to-day needs and to ensure an emergency fund; your middle bucket, meanwhile, can be put toward lifestyle goals, like planned travel or bigger expenses like cars or boats.<\/p>\n<h2>Separating Needs and Wants<\/h2>\n<p>As you work with your buckets, it\u2019s important to have a clear delineation between needs and wants\u2014the things that are needed for daily survival and the things that aren\u2019t. You may further distinguish your <em>wants<\/em>, drawing a distinction between realistic short-term desires and long-term dreams.<\/p>\n<p>Once you make these clarifications, you can better assess how much money you actually need in your retirement\u2014and that, in turn, can help you finalize a basic living budget. If there\u2019s a gap between your savings and your goals, you can work with your financial planner to close that gap\u2014whether by altering your investment strategy, reducing your expenses, or something else.<\/p>\n<h2>Retirement Planning Never Stops<\/h2>\n<p>The last thing anyone wants is to run out of money during their retirement. That\u2019s why it\u2019s important to start saving and investing in advance, but it\u2019s also why it matters that you stay on top of your budgeting and financial planning even into retirement. Changes in your goals, lifestyle, healthcare needs, or the markets themselves may leave you needing to revise your retirement plans. Vigilance is key.<\/p>\n<p>A financial planner from Stonepath Wealth Management can help you set the right parameters for your retirement. <a href=\"https:\/\/stonepathwm.com\/contact\/\">Contact us<\/a> today to speak with an advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the most rampant misconceptions about retirement planning is that it\u2019s something you do right up until the moment you leave the workforce\u2014and then, you\u2019re home free. That\u2019s simply not the case. Actually, retirement planning continues even into retirement itself\u2014albeit in a different capacity. Consider it this way: Before you retire, it\u2019s important to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"post_statement":"","post_description":"","post_cta":"","post_button":"Read More","post_button_url":"","footnotes":"","compliance_id":"","post_disclaimer":""},"categories":[38,10,14],"tags":[41,52,39,77,75,11,15,30,86,92],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Retirement Planning Continues \u2013 Stonepath Wealth Management<\/title>\n<meta name=\"description\" content=\"Retirement planning is ongoing, even once you leave the workforce. Learn more from Stonepath Wealth Management.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.stonepathwm.com\/retirement-planning-continues-even-after-you-retire\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retirement Planning Continues \u2013 Stonepath Wealth Management\" \/>\n<meta property=\"og:description\" content=\"Retirement planning is ongoing, even once you leave the workforce. Learn more from Stonepath Wealth Management.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.stonepathwm.com\/retirement-planning-continues-even-after-you-retire\/\" \/>\n<meta property=\"og:site_name\" content=\"Stonepath Wealth Management\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/stonepathwealth\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-10T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.stonepathwm.com\/wp-content\/uploads\/2020\/09\/pair-2914879_1920.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"oechsli\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"oechsli\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.stonepathwm.com\/retirement-planning-continues-even-after-you-retire\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.stonepathwm.com\/retirement-planning-continues-even-after-you-retire\/\"},\"author\":{\"name\":\"oechsli\",\"@id\":\"https:\/\/www.stonepathwm.com\/#\/schema\/person\/10d64c54b683c573745885c202679726\"},\"headline\":\"Retirement Planning Continues\u2014Even After You Retire\",\"datePublished\":\"2018-12-10T00:00:00+00:00\",\"dateModified\":\"2018-12-10T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.stonepathwm.com\/retirement-planning-continues-even-after-you-retire\/\"},\"wordCount\":513,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.stonepathwm.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.stonepathwm.com\/retirement-planning-continues-even-after-you-retire\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.stonepathwm.com\/wp-content\/uploads\/2020\/09\/pair-2914879_1920.jpg\",\"keywords\":[\"budgeting\",\"couples\",\"estate planning\",\"financial planner\",\"financial planning\",\"planning\",\"retirement\",\"retirement planning\",\"savings\",\"Stonepath Wealth Management\"],\"articleSection\":[\"Estate Planning\",\"Financial Planning\",\"Retirement\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.stonepathwm.com\/retirement-planning-continues-even-after-you-retire\/\",\"url\":\"https:\/\/www.stonepathwm.com\/retirement-planning-continues-even-after-you-retire\/\",\"name\":\"Retirement Planning Continues \u2013 Stonepath Wealth Management\",\"isPartOf\":{\"@id\":\"https:\/\/www.stonepathwm.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.stonepathwm.com\/retirement-planning-continues-even-after-you-retire\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.stonepathwm.com\/retirement-planning-continues-even-after-you-retire\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.stonepathwm.com\/wp-content\/uploads\/2020\/09\/pair-2914879_1920.jpg\",\"datePublished\":\"2018-12-10T00:00:00+00:00\",\"dateModified\":\"2018-12-10T00:00:00+00:00\",\"description\":\"Retirement planning is ongoing, even once you leave the workforce. 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