Broker Check

Retirement 2.0

| September 17, 2018
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“A hero is someone who has given his or her life to something bigger than oneself.”
- Joseph Campbell

More and more we are seeing both men and women “retire” yet not quite in the traditional sense of our Parents or Grand-Parents retirement. Rather, they are moving into another phase of living. Some truly retire and hit the links or the motor-home. Many, however are finding work 2.0 or volunteering and charitable work filing their time and sense of worth. I know one former Fortune 500 sales manager and hobby gardener, who has turned his hobby into a 6-month a year landscaping business, including 4-8 employees. He works spring and summer months, then vacations the rest of the year. He is 100% happy. Because of the success of his new “hobby” business his financial plan has been totally updated- he is not taking the distributions which were planned. In fact, he is actually saving more money.

Each of us can hope for a comfortable retirement, or we can retire on-purpose. The gentleman above was set to be comfortable-he choose to retire, yet a few months into retirement the plan changed with one phone call asking him to landscape a home. But what if the phone call had been different, what if that call was his physician giving him the unfortunate news of a several-year drawn out expensive illness, such as ALS. This would have also required updating the financial plan as money would now be flowing out at a much faster than planned pace. Is there a contingency for his heirs-his legacy? A well-crafted financial plan allows for contingencies to happen, be they positive or negative. It is up to you as an individual to make the choice as to how much to save for your future phase(s) of life. How and where you save makes an impact, having a team such as an Estate Attorney, CPA, and Financial Advisor can have a dramatic impact as well.

Enjoy your week.

*The following client stories should not be construed as an endorsement of adviser by any client.

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