During our working years, it is easy to ponder blissful retirement days without a care in the world or a schedule to keep. Especially for those who are well prepared, there are many freedoms that people enjoy in their life after their formal working career. The change is most often welcomed; however, the transition can be a mildly bumpy ride. There are several ways we can help people think through and prepare for the transition:
Project retirement cash flows: Whether retirement is 24 days, months, or years away, we help people understand where the cash can or will come from. When the paycheck stops, other sources need to refill the account each month. Experience tells us that a feeling of financial well-being is heavily dependent upon knowing where the cash will come from.
Discuss budget and costs: Some costs can decrease, say when the home mortgage is paid in full. Others may increase with age, such as medical care. Retirement is a time when people should enjoy the fruits of their labor and have enough for appropriate care. We can discuss certain tools, such as long-term care insurance, that can supplement certain sources of cash in the event that more expensive care is needed later in life.
Review all the investments and bank deposits: These may be scattered in a variety of places. We can analyze the income-producing capabilities, along with the inflation protection of the whole. We then prepare suggestions and recommendations on simplifying the picture and adjusting the mix to accomplish both the generation of cash and longer-range inflation protection needed.
Help plan for the "Bucket List": Retirement can be an exciting time for following your interests. You might build furniture, make wine, take up photography, become a missionary, or any of a hundred other latent talents you dream of pursuing. We also find that many people wish to explore the world a bit more. We often help people think through the financial resources needed for their "Bucket Lists."
Review legacy desires: Few things express love in quite the same way as a carefully considered and documented estate plan. From heirlooms that have been in the family for generations to the balances in your various investment accounts, there remains a lot of good to be achieved with these things that have served you well during your lifetime. The family you love and the causes you are passionate about can be helped in ways that can bring relief to some and joy to others. It is always a privilege to help people think through the things and people closest to their hearts and craft a plan that fits their values and desires.