Page 54 - April2021_Magazine

An article from a Chicago Lodge 7 Magazine sponsor
Let’s take a retirement test-drive
Retirement is probably something you’ve been dreaming about for years — and we don’t blame you. Some want to escape to a sunny beach or calming mountaintop, while others just want
get to your 457(b) or other retirement plans to boost that
balance during your test-drive.
To be sure you can handle any peaks in expenses, such
as holiday expenses and vacations, keep working for six months to a year and see how comfortable you are with
your expected retirement income.
If you’re financially comfortable after your test-
drive, that might mean you’re closer than you thought to calling yourself a retiree!
to sip coffee on their porch in the morning and escape the rat race. We’re here to help make that happen.
With all of the retirement tips floating around, we know it can be overwhelming. There’s loads of information out there and different approaches you can take. We want to make it easy for you.
Finance
STEVE PHILLIPS
Here’s a simple step you can take to see if you are financially ready to retire: Test-drive retirement. Here’s what we mean:
• Identify all your sources of retirement income — social security, your 457(b), savings and pension.
• Determine your monthly income from those sources.
• Here’s where the “test-drive” part comes in. Set that as
your new monthly budget and continue to work.
• Direct any income that exceeds your new monthly bud-
Steve Phillips, financial representative at COUNTRY Finan- cial, graduated from Hillsdale College with a financial man- agement degree and has been in the financial services industry for 20 years. At COUNTRY Financial, Steve takes great pride in sitting down with families and putting them in a better posi- tion. To learn more, call 312-846-4722 or email steve.phillips@ countryfinancial.com. COUNTRY Financial does not give tax or legal advice. Please consult your attorney or tax adviser re- garding your specific situation.
54 CHICAGO LODGE 7 ■ APRIL 2021