Retirement is a word that conjures up wide ranging emotions. Some desperately seek to reach this milestone in life, others fear it, and many more plan to keep on working right through the traditional notion of “normal” retirement age for as long as their health will permit. However, it is inevitable that you will stop working some day – voluntarily or otherwise – and you have to financially prepare for it. Here’s the planning challenge – many folks will live as many years in retirement as they did working!
The traditional retirement path was to work hard, raise the kids, save and retire in your 60s with a comfortable pension and good health benefits, but not anymore. Baby boomers are working hard but they are retiring from their primary careers earlier, starting second careers, traveling, volunteering and generally staying active. By the same token, many boomers are still paying for their children’s college and have not saved nearly enough to fund a retirement that could span 40 years.
Designing a successful retirement plan is one of the most challenging financial planning hurdles, both emotionally and financially. The first planning priority is to find something to retire to - in other words, have a plan to productively replace the time each day that you invested in your work.
The next priority goal is to map your financial course in retirement, developing the right spending and investing plan to maximize your standard of living while not outliving your resources. The third important goal is to design the appropriate end-of-life plan that addresses elder care concerns and maximizes the value of your future estate.
As retirement specialists, Living Wealthy Advisors stands ready to help you make the right decisions about your retirement and live life to the fullest.
