Retirement is supposed to be the time when you can do want you want when you want. And with a well-planned strategy, you have a much better chance of achieving this goal. Here are three tips to help you stay on the path of wealth accumulation:

Stay ahead of inflation
Your investments should be diversified among various asset classes, taking a balanced approach that aims to manage risks and build wealth. However, the farther you are away from retirement, the more aggressive you should consider being, as a portfolio that does not try to earn returns greater than inflationary costs may fall short during your retirement years.

Plan for healthcare costs
With the costs of health continually rising, it is extremely important to factor in these costs in retirement. Medicare will cover some costs (find out which at but far from all. In fact, expenses associated with health care in retirement years can make or break a budget, so plan accordingly and save as much as you can to cover these budget challenges in retirement.

Don’t retire early
According to the United States Department of Labor the average American spends 20 years in retirement. That’s a long time to draw on your retirement savings. With this in mind, waiting until your full retirement age (66 for most people) or working longer into retirement full or part time can help increase your cash flow so you draw less from your budget. To find out what your benefits would be at different ages, the Social Security Administration has an online Retirement Estimator to help you plan for your retirement. Just go to:

On our website at you’ll find retirement strategies to help you plan for retirement. If you have any immediate questions, feel free to fill to give us a call at 1-847-382-2600.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

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