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Achieving better work-life balance now can help position you for a more fulfilling future.
During the five- to 10-year period before you stop working, mastering a work-life balance can help set you up for a more fulfilling lifestyle in retirement. As a result of the COVID-19 pandemic and work-from-home conditions, many Americans now have a better idea how to juggle work and home life, with the lines between the two more blurred than ever before. Here are the ways creating a better balance between work and home can help put you on the path to a happier retirement.
Embrace new technology and become more tech savvy.
Experiences with Zoom, online chats, and file-sharing platforms today can prepare you for staying connected with friends and family in retirement—no matter how far away they might be. Becoming proficient with the latest technology also will help you be better prepared for the day you may want to organize a charity project or take on a virtual leadership role in an organization you care about.
Reconnect with old pastimes and create new passions.
During your final working years, you’ll likely have more vacation time and more flexibility from the office. And now that work-from-home options are the norm, you likely have more free time without a commute. Use that time to explore hobbies and passions so you can envision how you’ll spend your time and energy away from your career. Whether it’s picking up an old saxophone, spending time with grandkids, or establishing a woodworking shop, favorite pastimes may one day take center stage. Perhaps you can extend volunteer hours or expand work for civic groups. And if you’ve planned for retirement with care and finances are secure, you can look forward to a wide range of leisure activities.
Focus on your health.
A 2018 Harvard University study showed that five habits—not smoking; eating a plant-based, low-fat diet; regular exercise two or more hours per week; limiting alcohol intake to one drink per day for women and two per day for men; and maintaining a healthy weight—can add 14 years of life for women and 12 for men. More significantly, healthy lifestyle choices also can add disease-free years—as much as 10 years without disease for women and eight years without disease for men1. Of course, the longer you live, the longer your retirement savings will need to last. Work with your financial professional or find one here to create a solid retirement plan. You may consider an annuity, which can provide protected lifetime income, along with the benefits of tax deferral. You may also find a way that a cash value life insurance plan, which offers potential tax-deferred cash accumulation, and other tax benefits, can play a role in your retirement plan.
Make decisions about where and how you want to live.
Making more time for family and recreation now can help you make an informed decision about where to spend your future. You’ll have a better idea whether to stay put or make a move for family proximity, financial or healthcare considerations, or lifestyle amenities. U.S. News and World Report’s list of “Best Places to Retire in 2021” names top metro areas for retirees based on factors that include housing affordability, happiness, desirability, retiree taxes, the job market, and access to quality health care—great criteria for you to consider, too.2
Retirement Planning
Staying aware of current regulations set by the Social Security Administration can help retirees receive the full benefits they deserve.
Retirement Planning
Women and other minorities can optimize their strategies for claiming Social Security retirement benefits by keeping a few key ideas in mind.
Retirement Planning
Many people underestimate the importance of financial security in building an emotionally fulfilling retirement.
Retirement Planning / Family
The tax-deferred growth potential of an annuity can boost your savings for the future.
Retirement Planning / Family
Your retirement strategy should begin with a tax-advantaged retirement account, but it doesn't have to end there. Supplementing your 401(k) or IRA with cash value life insurance can help give you greater financial flexibility during your lifetime while providing protection to your loved ones.
Family / Estate Planning
An estate plan with an Irrevocable Life Insurance Trust may help reduce estate taxes and ensure equitable distribution of a blended family’s assets.
Family / Estate Planning
A plan that includes life insurance can help provide liquidity and equality in a family business succession.
Home / Estate Planning
A life insurance trust can help provide flexibility and protection for the future.
Family / Estate Planning
Life insurance can help maximize wealth transfer for unmarried couples.
Family / Estate Planning
As you develop or update an estate plan, considering the following ways life insurance can help address your needs.
Career And Business
Weigh your choices before deciding where—or whether—to move your retirement savings when you switch employers.
Retirement Planning
If you’re concerned about saving enough for retirement, a protected source of income can help put your mind at ease.
Retirement Planning / Home
Start building your nest egg early to prepare for the unexpected.
Retirement Planning / Family
An annuity with a predetermined beneficiary payout option can offer greater control without a trust.
Retirement Planning
Qualified charitable distributions can help with tax savings and at the same time give to charity during retirement.
Retirement Planning
Understanding the difference between a traditional and Roth IRA can go a long way in planning your retirement savings strategy.
Estate Planning / Family
Take these steps to help your loved ones prepare financially in the event the worst happens to you.
Career And Business / Family
A well-designed charitable remainder trust can help lower taxes and aid in financial planning.
Retirement Planning
The good news: Retirees are living longer. The bad news: That may mean retirees will have to fund more years of retirement.
Retirement Planning
Annuities offer another way to put a floor under your retirement income, providing an retirement income stream in exchange for an initial investment. Immediate annuities begin issuing payments soon after you make your investment, while deferred annuities are invested for a period of time before you start taking withdrawals. You can also choose between fixed (-rate) and variable annuities. Fixed annuities earn a guaranteed interest rate over time, while variable annuities are tied to the performance of an investment portfolio. Both provide monthly income for life and protection for your loved ones through a death benefit.
Estate Planning / Family
Creating a detailed succession plan is paramount for a smooth and profitable transition.
Family / Retirement Planning
There are ways to ease the burden of this high-stress juggling act.
Retirement Planning
Keys to Optimizing Social Security Income.
Home
The new tax law will alter many decisions you may have to make when filing your 2018 taxes.
Retirement Planning
Methodically placing assets in several baskets isn’t as thrilling, but helps you invest responsibly.
Estate Planning / Family
Taking a proactive approach to passing on your assets can help bring peace of mind to you and your family.
Retirement Planning / Home
When searching for the right financial professional for you, start with these 7 questions.
Retirement Planning / Family
Life insurance isn’t only for your survivors: Find out how to use its cash value during your lifetime.
Retirement Planning
Strategies to help make sure your retirement savings last for life.
Retirement Planning / Family
Make sure your retirement plan is still on track.
Family / Home
The loss of a significant other can offer an opportunity to learn about financial empowerment.
Retirement Planning
Worried investors would do well to remember that historically, markets recover after a downturn.
Family / Home
A life insurance policy isn’t as expensive as you think.
Family / Home
A yearly financial review is a good way to stay fiscally healthy.
Retirement Planning / Family
Choose the right annuity plan that aligns with your financial goals.
Family / Home
Don’t let these common misconceptions prevent you from giving your family the protection they deserve.
Healthcare / Family
Trying to anticipate what you’ll spend on healthcare in retirement can seem daunting, but estimates can help you start preparing for the future.
Family / Home
Achieving better work-life balance now can help position you for a more fulfilling future.
Family / Estate Planning
These four steps can help you choose the best protection for you and your family.
Retirement Planning / Family
You’ve worked hard to build your retirement savings. Now, make sure your money lasts by considering strategies to lower taxes.
Home / Family
Learn about basic concepts regarding financial literacy: budgeting, saving, debt/spending, and financial management.
Retirement Planning / Family
A financial plan can help you meet your needs today and reach your long-term goals.
Family / Home
Build a stronger financial foundation with these four steps.
Family / Home
Tips for families with many generations living together so everyone stays financially healthy.
Family / Estate Planning
Having an estate plan is essential to maintaining your family’s financial security.
Retirement Planning / Family
Build your wealth by incorporating these strategies into your financial plan.
Career And Business
The key to attracting top talent goes beyond trendy perks.
Retirement Planning / Family
These key factors can help you figure out your life insurance sweet spot.
Retirement Planning / Family
How to reduce anxiety and bolster your retirement with reliable protected income.
Retirement Planning / Family
Three important questions to ask before you reach retirement age.
Retirement Planning / Family
Following these steps can help you save enough money to make your retirement dreams come true.
Home / Estate Planning
Adding these two financial products could help you achieve your estate planning goals more efficiently.
Family / Estate Planning
Five reasons to consider permanent life insurance for transferring wealth to children or grandchildren.
Family / Home
If you’re in the market for life insurance protection, don’t overlook permanent life policies.
Career And Business / Family
Life insurance for an employee your business can’t live without
1 "Five healthy habits net more healthy years", Harvard Medical School blog, Feb 2020
2 "The Best Places to Retire in 2021", U.S. News & World Report, Oct 2020
The information above, including the results and explanations generated by the calculator, is provided for informational purposes only and should not be construed as investment, tax, or legal advice. Information is based on current laws, which are subject to change at any time. You should consult with their accounting or tax professionals for guidance regarding your specific financial situation.
Amounts withdrawn from savings vehicles intended for retirement prior to age 59½ may be subject to federal and/or state income taxes and an additional 10% federal penalty tax may apply.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues.
Pacific Life’s Home Office is located in Newport Beach, CA.
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