Springfield Business Journal_2020-09-28

26 Transitions Springfield Business Journal PAID ADVERTISING R etirement may seem like a long way off, but there’s no time like the present to ask your- self what you want your retirement to look like and what it will take to get you there. Here are some steps you can take now to help you plan for the retirement transition. Start with Honest Conversations. If you have a spouse or partner, clearly understanding what retirement will look like for each of you individ- ually is as important as how you view the future as a couple. Estimate the Length of Your Retirement. Your retirement years may be longer than you think. As life spans increase, some individuals may spend more time in retirement than the years they spent working. Talk to your adviser about strategies to help ensure your assets last through your retirement years. Consider Rising Health Care Costs. Concerns about being able to pay for adequate health care continue to be top-of-mind for Americans. It’s a cost that can vary significantly by individ- ual and is difficult to predict. Retirement income planning is one way to address potential health care costs. Your adviser can help you determine a strategy for your changing medical situation and financial needs. Keep a Watchful Eye on Your Portfolio. Likely the markets will fluctuate dramatically leading up to and during your retirement. Diversifying your port- folio can help you manage the level of risk. Also, you might consider ways to adjust your spending during times of market volatility. Clean Up Your Retirement Accounts. Consolidating your financial assets with one provider can simplify your finances and give you a better view of your overall financial picture. Act Now Rather Than Later. The excitement of retirement can be overshadowed by these and several other complex issues you will have to address at some point. Contact us today. We will listen to your concerns and offer tailored solutions to help turn your retirement dreams into reality. The opinions and other information in the commentary are provided as of September 2, 2020. This summary is intended to provide general information only, and may be of value to the reader and audience. This material is not a recommendation of any particular investment strategy, is not based on any particular financial situation or need, and is not intended to replace the advice of a qualified attorney, tax advisor or investment profes- sional. While Commerce may provide information or express opinions from time to time, such information or opinions are subject to change, are not offered as professional tax or legal advice, and may not be relied on as such. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed, and is subject to change. Diversification does not guarantee a profit or protect against all risk. Commerce Trust Company is a division of Commerce Bank. NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE Commerce Trust Company is a division of Commerce Bank. NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE THE F U T URE. commercetrustcompany.com 417-837-526 1 No one can predict it. But together, we’ll make sure you’re ready for it. P r e p a r e f o r R e t i r e m e n t N o w t o L e s s e n C o n c e r n s L a t e r CO M M E R C E T R U S T CO M PA N Y Address : 1345 E Battlefield Springfield, MO 65804 Phone: 417-837-5261 Web: commercetrustcompany.com Services: Wealth Management and Investment Planning Services Christopher Sweet Executive Vice President, Market Executive