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Values and Vision: A Wide Angle Lens for Personal Retirement Planning

What does your ideal scenario for retirement look like? Do you see yourself working until you can collect social security, then volunteering and spending time with the grandkids? Or would you rather retire at 55, jump in a VW bus, and travel the nation?

Take a step back from the nuts and bolts of financial planning and be sure that your retirement plan is taking you where you want to go. What exactly do you hope to do with all that money you’re saving? Knowing the answer to that question will help you plan for the future, and have more fun doing it.

Here are three important retirement planning tips for every life phase:

Forge Your Own Path

First things first: who says you have to retire like everyone else? After all, it's your life you'll be living. Shake off the burden of your family's expectations or how you’ve been taught to believe you should live in retirement. Avoid the common trap of planning from a fear-based or scarcity mindset.

Ask yourself what you really want for your retirement years. If hosting fabulous parties is your neighbor's idea of a great retirement, then hats off to him or her. If your idea of retirement is not Gatsby-esque, however, then you can look forward to quiet weekends fly fishing at your cabin by the river or hiking through the best national parks near Denver.

No matter what it looks like, your dream retirement is possible – and a fiduciary financial advisor such as a CERTIFIED FINANCIAL PLANNER™ (CFP®) can help you make it happen. But you can’t let fear or societal expectations get in the way of pursuing your dream life.

Just look at Wealth Legacy Institute clients Mark and Tracy. This couple decided they wanted to retire in Portugal and live near the beach. An exotic location in an artsy community took priority over having a large home and closets full of clothes. The sooner Mark and Tracy admitted that to themselves, the easier it was to be excited - instead of wary - about their financial plan.

Define Your Dream

Once you’ve resolved to plan for your future, and not the one society, your parents, or your friends have determined – it’s time to create a clear vision of your dream for retirement.

At Wealth Legacy Institute, we encourage our clients to base retirement planning on their emotions, wants, and desires – and then partner with a CERTIFIED FINANCIAL PLANNER™ (CFP®) to create a sound financial plan for making it happen.

The secret to a great retirement plan is one that you can get excited about. Ask yourself:

  • What are your personal goals? This includes the age at which you want to retire, where you’d like to retire, and the kind of lifestyle you want
  • What are your financial goals? Do you want to leave something behind for your children and grandchildren? Or perhaps you want to dedicate some of your estate to a cause you are passionate about
  • Create a plan that’s based on your values
  • Reduce fees and expenses
  • Minimize your tax burden
  • Develop an investment strategy that sticks
  • Budget realistically for the future
  • Retire joyfully and comfortably

Retirement planning is about more than investment strategies and retirement accounts. A great personal retirement plan is woven together by your values and saturated in your dream life. That's what makes planning so much fun for CERTIFIED FINANCIAL PLANNERS™ (CFP®) and for you.

Don't Miss the Boat

Now that you’ve painted a picture of how you want to live in retirement, it’s time for action. A CERTIFIED FINANCIAL PLANNER™ (CFP®) can help you make strategic investment decisions based on your goals. If you’ve been ignoring your retirement investment plan for a while, it's not too late to correct course - but you need to do it sooner rather than later.

Let’s look back at Mark and Tracy’s example. They had become apathetic about retirement planning due to lack of financial knowledge, and the feeling of having been burned in the past. Their “I don’t want to deal with it” attitude left them with ignored investment accounts and expensive financial products that weren’t providing high returns.

No matter which stage of retirement planning you’re in, a fiduciary financial advisor (CFP®) will help you make adjustments to:

Whether you’re thinking about retirement planning in Denver or elsewhere, this guide will help you create a retirement you will look forward to. Get The 2020 Guide to Retiring in Denver.

2020 Denver Retirement Guide

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