When many people think about retirement, they think about an age (such as 65). In some case maybe you may have seen the ads focused on “what’s your number?” A successful retirement plan cannot be as simple as deciding only from these two figures. Creating a written financial plan is a great place to start. However, it is critical to understand that a financial plan is worthless if it does not address the great multitude of factors that will and can change over time. Without considering a myriad of variables such as Income adjusted for inflation, Taxes on income and retirement accounts, Market risk and reward, health care costs, wealth transfer, and a host of other concerns you could be setting yourself on a path of failure. A comprehensive plan also must be flexible to updates periodically as things change. It is also crucial to implement your planned steps properly, or you may find your plan is not worth the proverbial “pieces of paper” it is printed on.
We are a firm believer that the most fulfilled retirees are not necessarily the people with the most “zeroes” on their bank account or brokerage statements. Success in life can often be in direct relationship to the “balance” someone has in their life. Balance should be obtained amongst your investment categories with respect to your cash flow, growth potential, security, and liquidity. Have you examined health care, long-term health care or longevity questions? Where should you live when you retire, what purposeful work will you perform, and what will you do besides travel and golf?
These books were written with the primary purpose of helping you identify many of the issues facing retirees and pre-retirees.
In our experience, sometimes retirees’ lives can be turned upside down because they did NOT address one or two of the topics listed within these books. Use these books instead to help you plan for and live out your best retirement possible.
Read on and all the best to you in your financial future!