Retirement isn’t the same as your father’s or grandfather’s any more.
It used to be a point in time near your 65th birthday.
Your last day was probably a Friday.
On the following Monday morning you may have gotten up at the same time out of years of habit.
You may have drawn Social Security at the same time you received your first pension check from your employer.
You likely died in your 70’s.
Today Is Very Different
- The employer defined-benefit pension has been replaced with 401Ks and IRAs. Do you have the time, tools, training, temperament to manage these accounts? Looking at the past doesn’t help because we live in a substantially different world today.
- Our confidence may have waned as the 2008 economic crisis lingers in our thoughts and on our net worth statements.
- You may work well into your 70’s. That may be by choice or necessity.
- Insurance plays a bigger role in the retirement budget, especially Medicare. Premiums and deductibles take a bigger chunk of income. Additional years expose us to more health disruptions.
- Many of us live longer. When you do retire, you may have another 20 to 30 years of life to enjoy…and to finance.
What Does “Retirement” Mean To You?
We see it as four, overlapping phases in the retirement process. The paycheck stops and financial independence begins. In other words, how will you feed your checkbook then?
- Mid-Life Preparations: Making regular contributions to a 401K and/or an IRA is one of the most effective strategies. Start early. Save a lot. Take advantage of compound interest. It’s about accumulation.
- Pre-Retirement: As you near the end of your income earning years, you prepare for distribution from your pensions, IRAs, and other retirement accounts. There is less time to recover from severe stock market downturns or poor decisions. It also time to start making new lifestyle decisions. How do you want to live now?
- Post-Retirement: Staying on course will still require time and attention, focus and confidence. Legacy considerations take a bigger role in thinking.
- Longevity: Managing health issues may start to play a larger role in your plans.
How We Help You
Whichever phase you are in, we have processes that will help you organize your finances, make plans, and live your life well. We teach, mentor, advise and guide our clients to help them make the right decisions at the right time with confidence.
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