From working with a large amount of Abbott Laboratories clients, we have developed a good understanding as to what it takes for a Abbott Laboratories employee or retiree to achieve a successful retirement. Below are some questions to ask yourself that we feel are important in building towards a successful retirement.

• If you are married, when will your spouse retire?

• When will you start receiving Social Security benefits?

• Will you have one home or multiple? Downsizing or upsizing?

• Consider housing cost based on type (house, condo, retirement community)

• Family & social network considerations

• State income, real estate & estate tax implications

• Make a bucket list

• Volunteering opportunities?

• 2nd career or part-time work?

• Business interests

• Hobbies & travel

• Estimate costs and resources

• Be sure to prioritize

• Are there loved ones you need to take care of financially?

• Are there charities you are passionate about?

• Do you have a will and/or trust in place?

• Exercise plan

• Socialize

• Prioritize mental health

• Longevity expectations

• Do you have health care directives in place?

• Will you continue to work?

• Do you expect an inheritance?

• Itemize your income-generating assets

• How will you draw down your investment assets?

• When will you start collecting Social Security?

• Are there items you expect will cost more than your current expense level?

• Are there costs you will eliminate in retirement?

• Evaluate post-retirement insurance needs

• Are there any celebrations you want to finance?

• What will your transportation needs be in retirement?

• Do you have funds to cover an emergency?

• Have you paid off any debt or have a plan to pay it off?

• Will you have a mortgage to pay?

• The average amount of savings required to retire comfortably in the United States is $904,452 [6]

• Will you stay involved?

• What’s your transition plan?

• Will you sell your company to fund your retirement?

• Business income? Business sale proceeds?

• Appraise the future value of your business

• Will you purchase a Medigap or Medicare Advantage plan?

• What’s your plan for financing long-term care?

• The average retiree should save about $295,000 to cover medical expenses in retirement [7]

• Compare state tax rates

• Roth conversion strategies

• Tax efficient charitable giving

• Planned gifts to family

• Asset location of investments

• Who can you talk to about medical issues?

• Who do you trust with financial decisions?

• Have you established medical and property POAs?

The Retirement Group is a nation-wide group of financial advisors who work together as a team.

We focus entirely on retirement planning and the design of retirement portfolios for transitioning corporate employees. Each representative of the group has been hand selected by The Retirement Group in select cities of the United States. Each advisor was selected based on their pension expertise, experience in financial planning, and portfolio construction knowledge.

TRG takes a teamwork approach in providing the best possible solutions for our clients’ concerns. The Team has a conservative investment philosophy and diversifies client portfolios with laddered bonds, CDs, mutual funds, ETFs, Annuities, Stocks and other investments to help achieve their goals. The team addresses Retirement, Pension, Tax, Asset Allocation, Estate, and Elder Care issues. This document utilizes various research tools and techniques. A variety of assumptions and judgmental elements are inevitably inherent in any attempt to estimate future results and, consequently, such results should be viewed as tentative estimations. Changes in the law, investment climate, interest rates, and personal circumstances will have profound effects on both the accuracy of our estimations and the suitability of our recommendations. The need for ongoing sensitivity to change and for constant re-examination and alteration of the plan is thus apparent.

Therefore, we encourage you to have your plan updated a few months before your potential retirement date as well as an annual review. It should be emphasized that neither The Retirement Group, LLC nor any of its employees can engage in the practice of law or accounting and that nothing in this document should be taken as an effort to do so. We look forward to working with tax and/or legal professionals you may select to discuss the relevant ramifications of our recommendations.

Throughout your retirement years we will continue to update you on issues affecting your retirement through our complimentary and proprietary newsletters, workshops and regular updates. You may always reach us at (800) 900-5867.

1. What to do with an Early Retirement Ebook

2. Social Security Ebook

3. Lump Sum vs. Annuity Ebook

4. 401(k) Rollover Strategies Ebook

5. Closing the Retirement Gap Ebook

6. Average Retirement Income By State.' World Population Review, 2021

7. Powell, Robert. 'How to pay for healthcare costs in retirement.' MarketWatch, April 10, 2021