Ideas & Insights

Ready to Retire?

June 21, 2016, No Comments

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"Retirement only means that it is time for a new adventure." -Anonymous

Many of our clients come to us to specifically plan for their retirement.

Whether it's in twenty years or in two years, clients want to understand what they need to do to step off. But realistically, that is just one part of the equation. As the boomers are moving into their retirement years, many start to feel unfulfilled and oftentimes, antsy. As part of our financial planning process, the Planning for LIFE Experience™, we complete a discovery process. This is where we will unearth financial motivators, values and get a gauge on what is important in the next phase of life. While the numbers are clearly important, the LIFE behind the numbers is just as important to plan around. So, if you're beginning to daydream about time on the beach, golfing or extra time to volunteer, ask yourself these following questions before you decide to step off. It will make all the difference in your quality of life.

Am I really ready? 

It's easy to pine for no more alarm clocks, but are you prepared to give up the structure, social interaction and stimulation that your current work environment provides?

What will I do when I retire?

What are your goals for the next chapter? What social structure are you going to put into place? How will you spend your time? These are the questions you should answer prior to leaving your job.

What role will my children play? 

Children can oftentimes be a lifeline to older adults who need healthcare help or other services. However, depending on relationships, they can also be a drain on resources, financial included. Make sure to discuss your boundaries around your additional time. 

Can I afford to retire? 

A simple and essential question. Consult with a fee-only financial advisor to understand your finances now and in retirement. 

Getting a head start on planning your retirement is key--- make sure to focus on the financial and lifestyle elements. If you're able to answer these questions, you are headed in the right direction. 

Keep us up to date on your retirement progress through Facebook and twitter

Source: AARP: The New Retirement

 

 

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