Posts Tagged ‘retirement’

Retirement Planning: How We Live, as well as How Much We Need

Sufficient savings, diligent budgeting, and smart financial planning are of course crucial for a comfortable retirement. Adequate income and assets are essential for the basics— food, shelter, and healthcare—and to maintain one’s lifestyle. However, money is by no means the only important consideration in retirement.

During a recent conversation with a retired couple we serve, they shared how their community organizes an abundance of volunteer activities that offer opportunities to facilitate community engagement and encourage cooperative solutions to shared social barriers. Their enthusiasm illuminates the qualitative concerns that are central to resilient investing and highly desirable for what we might call “resilient retirement”: engaged communities, adaptability, and prioritization of the common good.

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Financial Planning for Dementia

None of us wants to think about the possibility of losing our ability to make sound financial decisions, but many of us eventually will, owing to an accident or illness, especially some form of dementia. What would happen, for example, if in a period of impaired judgment you started taking large amounts of money from your accounts or were enticed to fund a get-rich-quick scheme? Is there anything that can be done to help protect you and your assets?

An easy first-line defense is the NI Sharing of Information Consent Form, which you can file with your advisor. The form gives your advisor and Natural Investments permission to contact designated people if your advisor perceives that a request or behavior is uncharacteristic of you and your goals. An unusual request does not necessarily signal a loss of capacity to make decisions, and in all likelihood the form would never be needed. But should the situation occur, a quick double-check by your adviser with someone whom you trust could prevent a potentially significant mistake. Your advisor can help you choose the best person for this role.

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How to move forward when it feels like too much

We all have some money goals that leave us overwhelmed, drained of energy.  So we push them aside, but the longer we do so, the more this disconnection tends to fuel a feeling that we just don’t know how to tackle them. But it’s important to get past these feelings, and find your way forward into these difficult topics; I’m going to share three “bigger picture” framing ideas that can be applied to many of our inner challenges.

One of the biggest uncertainties for many of us is planning for retirement.  How will we live in our elder years?  What choices will we have? What will our lifestyle be? 

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Retirement “Two-Step” to Success

By Greg Garvan

No matter what year it is, or whether the stock market is up or down, retirement planning is a crucial aspect of your life planning.  I wish I had a silver bullet for that would target a perfect plan for all, but lacking that, here are two things can help create a more “successful” experience when it comes time to retire and live off what you’ve saved.  It’s never too early to start on these two steps, and if you do, I can almost promise a better life-after-work.

  1. Start being intentional now about your spending.  I’m not saying spend more, or less; just be more aware and intentional about what your spending is supporting.  Though the explicit goal isn’t to spend less, it’s nearly inevitable that you’ll find that mindful spending will increase the amount of savings you’re doing.
  2. Do you have an idea about the age at which you’d like to retire? Whatever it is, find work you love and work a few extra years.  Adding three or four years of paying into social security and generating a bit more income is most likely going to make a huge difference in your retirement success. Especially since you’ll be better at Step One at that stage of your life!

Adjust your sights now, and those decades of work-free time will be all the sweeter. Want to know more about financial life-planning, now and for later in life? Email me and I’ll be glad to help you move forward.

 

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