06/23/2024
Retirement Looms Large-How to Prepare No Matter What Your Age
The largest wave of retirement is coming in the next decade. Baby Boomers will have the most atypical retirement of any generation in history. Most will not be sitting on a rocking chair on their front porch unless they choose to sit in an exotic place like Tahiti.
Retirement will not be like our grandparents who retired, got a gold watch, rocked in a chair for a little while and died before 70.
Life expectancies have risen to the highest levels in history and as nutrition and health care get even better longer healthier lives should prevail.
Boomers will also be the first generation to either have un-tolled sums of money to be able to do whatever they want in retirement; or they will be flat broke and have to move in with their Millennial kids.
The steps you literally take today will determine your path. Boomer and beyond will be much more active in their senior years and will probably choose to work longer. You must have a clear path.
If you do not have a clear plan of what your retirement will look like from your money to your daily life then I urge you to call a financial planner, another coach or me and start to create the exact plan of saving, budgeting, spending, carving out what your day will look like, understanding pitfalls and traps and every other dynamic of retirement.
If you are 30 and reading this, you may think this article does not pertain to you. Think again! It actually applies to you more than you think.
My Millennial kids, no longer think that I am crazy because I have been harping on them their whole life to fund their Roth IRA's to the max. This one strategy will allow them to have a very safe and comfortable retirement when their time comes.
Things to understand:
Retirement is not just about saving enough
You must learn how to spend it down properly
Tax consequences-and how to legally minimize taxes
When to take social security
What are the biggest headwinds you will face and how to safely handle them
How not to get swindled
How to choose the right financial planner
How to properly use insurance products
How to handle gray divorce
How to handle helping kids and grandkids
A myriad of other topics to learn.
Remember, it’s never too late to make smart choices. Seek professional advice and stay informed about your financial options. If you create a plan and work your plan the likelihood of success is magnified greatly.
Do you want to ensure that you have a terrific retirement? Click https://lnkd.in/eTiYjaVW to schedule a call and we will discuss your specific needs where you will walk away with a step-by-step custom plan of what you need to do.
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In Gratitude,
Paul