Ken Julian is an EVP with Halsey Associates, having started with the company in 1997. Ken is in charge of client portfolios, participates in investing research, and helps with sales, among many other duties.

We spoke to Ken about the wealth management advice he gives clients when they are reaching retirement age. Here’s what he had to say:

“When it comes to retirement, many people are only prepared for the first few years of life after leaving their job. These individuals have saved enough money to last through 5-10 years of retirement but often lack a plan for the second 10 years. There are many ways to invest in your future and continue enjoying life after reaching age 65, but you will need advice from specialists to find out what will work best for you.”

“Planning for retirement is essential, and many people do not want to spend their post-retirement years working. I tell most of my clients that they should expect to live approximately 20% longer than the national average to plan accordingly. Some people have no family history of longevity, but it never hurts to be prepared. Many people do not plan on living past 80 years old, but you will likely live for another ten years or so. This is why it is important to invest money you don’t need immediately and reap the benefits of compound interest over time.”

“Many people who have spent their entire careers as salaried employees can be eligible for the government’s 5.5% mandatory withdrawals when they reach age 70 ½. These funds are meant to support your lifestyle, but you will want to use some of this money to continue investing in a 401(k) or another retirement plan, and perhaps even start funding an IRA account if you have not yet done so.”

“Many people who retire have a pension from their work, but this is not always available for everyone. If you are fortunate enough to receive one, it will help supplement your retirement. In addition, some pensions do not start paying out until you reach 60 or 65 years old, so if you can wait until then to collect your pension, that would be ideal.”

“It is never too early to begin planning for retirement, and you should always seek out the advice of a financial adviser who can help you plan. Financial advisors work with people from all walks of life, so there are many different accounts that they can help you set up during your working years. Just be sure to choose an advisor who has your best interests at heart and one who can answer all of your questions. Many people believe that they do not have enough money to invest, but anyone can begin saving for retirement with as little as $50 a month.”

“Many things happen throughout the years, such as having children, paying for college tuition, and buying a home. No one can predict the future perfectly, but you should work to be prepared at all times for anything that might pop up. Many people have retirement savings plans set up at their jobs, but there is no reason why you cannot open an IRA account as well.”