Let’s say you’re about to retire or are recently retired. You’ve invested wisely throughout your life. You’ve diversified your portfolio. You’ve saved and spent money at strategic times. Basically, you have done everything right. So now what? What are the steps you can take from here to ensure that the only thing that keeps you up at night is picking which national park to visit next—and not your finances? Even for the financially established, there are some short-, middle-, and long-term goals to consider at this stage of your life.

Short-term goals: What to do today.

Since you’re already on top of things, there’s a good chance you have already taken care of the important short-term stuff. But let’s review a few things just to be sure. Immediate financial security is important; so first off, make sure you’ve properly funded your emergency fund. The emergency fund is readily available cash for unexpected expenses like home maintenance, accidents, or an unplanned illness not covered by Medicare. Experts recommend keeping six months’ worth of expenses in an emergency fund.

Second, talk to your CommercePremier Banker or a financial advisor about shorter-term investment strategies to generate income. This might include things like high-yield savings accounts, certificates of deposit (CDs) or money market accounts.

Budgeting at this stage is also important. Make sure you make a budget for day-to-day expenses and try to stick to it. But, take into account money that may need to be spent on wellness initiatives to keep you healthy and happy. Also consider budgeting for things like travel, hobbies, and other discretionary spending—like maybe that convertible you always wanted! For some, budgeting may be the last thing you want to think about, but careful planning can ensure living comfortably and within your means for years to come.

Mid-term goals: Looking a bit down the road.

Once you’ve taken care of the short-term stuff, and regardless of how financially established you are, there are a few mid-term goals that you should look at next.

The first (and maybe most important) is to make sure everything related to estate planning and your inheritance has been squared away, and that you have discussed potential tax obligations with your tax professional or attorney. Having an up-to-date will is crucial. Making clear who inherits what is critical to keeping your estate out of probate, so a judge is not making those decisions. You’ll also want to make sure you have assigned Power of Attorney to someone so that a trusted individual can make any decisions on your behalf. Be sure to review your credit report to uncover financial obligations you may have overlooked on open accounts, loans or outstanding balances.

If you own a home (or maybe multiple homes), this is also a good time to consider how to manage these assets. Does it make sense to stay in your current home? Is the house paid for, or do you have a mortgage? Should you downsize? Or maybe now is a good time to consider a second home that could be used for both leisure and a potential passive source of rental income? All of these are questions to think about as mid-term goals.

Finally, perhaps you are in a position where charitable gifts or becoming involved in a philanthropic endeavor are goals of yours. This is a good time to figure out how to incorporate charitable gifts into you overall financial plan, or to think even bigger and begin establishing a philanthropic legacy that could live well beyond you into the future.

Long-term goals: Preparing for the future and beyond.

For your longer-term goals, the focus is really about investment strategies for sustained growth and healthcare planning. Even if you are financially secure, you still want to preserve what you have, continue to generate passive income from your investments, and be prepared for potential long-term healthcare expenses.

As someone who is financially established and secure, you likely already have a well-diversified investment portfolio, which puts you ahead of the game. It may be helpful to consider income generating investments to help create a stream of “retirement income” to cover some living expenses, but it’s important to be aware of the risks of these investments; be sure to consult your financial advisor. Additionally, and especially If you haven’t already done so, speak with your financial advisor and tax professional about the best way to manage retirement accounts such as IRAs and Roth IRAs to find out what can be contributed, what’s required to take out as a distribution, and what the tax implications of these accounts are.

It's also important to think about evolving healthcare needs. As we live longer because of healthy lifestyle choices or advances in medicine, the potential for health-related expenses increases. Setting aside money to help cover things like assisted living expenses, surgeries, and caretakers is not something anyone wants to think about, but it’s also a burden you’d probably rather not put on your family. Depending on your specific situation, insurance (including long-term care insurance or policies with appropriate riders) or certain annuity products may be able to help buffer your emergency fund.

OK, can I buy the convertible now?

You’ve been successful, made smart moves, and stayed on top of your finances, so there’s a good chance you’ve addressed some of these things already. You’ve also worked hard and deserve to talk full advantage of your retirement by living securely and as worry-free as possible. But circumstances change and things evolve over time, so it’s always a good idea to make ongoing financial planning and goal reassessment a regular exercise. Remember, if you need guidance, your CommercePremier Banker is always just a phone call away. They can connect you to tools, resources and other financial professionals that can help assess where you are personally, and where you want to go.