How Hard is Retirement Planning?

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Here are 4 considerations that will make it easier:

It sure can seem overwhelming, putting together a plan to retire. After all, it’s a long ways away….until it isn’t! I have been assisting folks in making that transition for nearly 3 decades and have learned a lot about what that means and how to make a successful transition to “the good life”.

Most of you have read the articles about how little folks are saving and how there is a retirement “crisis” in this country. There are advertisements telling you that you must accumulate millions of dollars just to have a chance at a comfortable, secure retirement. It just seems so overwhelming, after all how can I ever save that much?? Well, lots of folks have come to me over the years with less and they are enjoying great retirements now, even without the millions of dollars they thought they needed. While you might have plans that require that kind of money, for most, they can have an enjoyable lifestyle in retirement even if they fall short of that amount.

There are several keys to making this happen. Today, I want to lay out an overview of the ideas and concepts that make up a successful retirement and over the coming months; I will provide more detail on these topics.

First, you need clarity.

Money won’t keep you warm at night and you sure can’t take it with you when you die. So in order to be happy, you need to define what that means to you. I call it “painting your picture”. If you have clarity as to what you want your life to look like, decision making becomes much easier. It is the context that helps you make good financial moves that provide you with the resources to enjoy the choices you make.

I have happily retired clients living in their dream home, sailing around the world, volunteering in third world countries and in tough neighborhoods here at home. Others enjoy travel, gardening, writing or just hanging out with their kids and grandkids. Nearly all of the happy ones share the same thing, they took the time to figure out what would make them happy and fulfilled. There is a wonderful line from a song, “Let your life proceed by its own design”, that sums it up well.

Second, once you know what you want your life to look like, take the time to “price” it out for yourself.

If you want to travel, do you stay in the homes of friends and family or do you stay at 4 star hotels? There are easy ways to do this, usually starting by figuring out exactly what you are spending on now, and how those things will change in the future. Will you be traveling more? You won’t have those work expenses like clothes and commute. There are many others items to adjust.

Third, what legacy do I want to leave behind?

Are there family members I want to leave money or assets to? How about charities, schools, or religious affiliations I want to benefit? Now most think of money here, but there are other things you possess that can have far more value than money. Heirlooms, knowledge, experience, and relationships, to name a few, can have a far greater impact than mere money.

Fourth, it’s all about the income, not the amount of wealth accumulated.

Retirement is financed through cash flow, not by wealth. Think about it, you can’t knock a few bricks off the porch of your million dollar home and go down to the grocery store and buy dinner. Once you start thinking about income streams and ways to generate them, you will probably start looking at your investments in a different light. Money has a rhythm and it runs monthly. Bills come in monthly, so should your income match it. That is why it was so much easier when most folks had a pension. Well, you can set up your own pension, it’s not that hard and it sure takes a lot of the worry out of retirement.

Mastering these four areas will go a long way toward focusing your planning on what is truly important to you. If you find that you are having a difficult time getting focused, give us a call, we can help.
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