Sometimes we only get serious about planning for retirement when we hit a bump in the road that reminds us about the consequences of being unprepared.

In the video below, Sam and Sally realize their own retirement plans aren’t adequate when Sally’s parents run into problems later in retirement.

Thinking about retirement as a two-stage process can help you deal with what is often our greatest fear: Running out of money.

Retirement in stages

In the early stage of retirement, hopefully you’re in good health, actively managing your financial affairs and spending money on fun vacations or visiting the grandchildren.

In the later retirement stage, your medical costs and other expenses might increase, and your financial advisor is probably no longer in the picture. You need to have secure income that will last the rest of your life and give you options that allow you to stay in your home and achieve other lifestyle goals.

Watch the video and if you have questions about how to meet your retirement objectives, write to me at Ask Jerry.