Are You Ready to Ace Your Retirement?

Then, welcome!

Over my thirty-five-year career advising clients on their finances, I’ve seen a lot of people faulter when they get to retirement. And I’ve seen a lot of people thrive.

So what makes the difference? What causes an epic retirement fail? And, more importantly, how can you avoid one?

In my experience, it’s not poor portfolio performance that’s going to sink a solid retirement plan. In fact, I can’t recall any instances in which disappointing investment results caused a client of mine to lose financial independence. Instead, it’s the emotional decisions you make that can end up costing you the postwork life you’ve dreamed of.

Think about it: you’ve saved the money you need to live comfortably, and now you have a lot more time on your hands. What will you do with that time and money? Will you buy a luxurious vacation home in the Caribbean? Invest in a winery? Ride your new Harley up the coast? Will you give your granddaughter a wedding fit for royalty or send her to medical school? Or both?

Any and all of these things may be terrific ideas for you. Or they may lead to financial disaster.

And that’s what Retirement Fail is all about: helping you recognize the hazards that could lie ahead—including the ones you probably didn’t even see coming—and helping you chart a course that will bring you safely to the happy, healthy, fulfilling retirement you’ve been planning your whole working life. It’s about understanding your priorities, assessing your financial resources, and then making sound decisions that balance your goals with your assets.

So, what are the big things that trip people up? They fall into nine main categories:

1. Overspending
2. Financially dependent adult children
3. Divorce
4. A second home
5. Starting/investing in a business
6. Fraud
7. Health issues
8. Unforeseen events (premature retirement, accidents, etc.)
9. Underliving wealth

Some can be averted, while others can only be managed. But we’re better off for being aware of them and safeguarding ourselves with proper planning.

The best way to avoid a retirement fail is to get conversations going early. My colleagues and I talk every day with people about decision making in retirement and in the years leading up to it. And the most complicated conversations are not about investment choices and portfolio allocations and taxes—they’re about the decisions that lie close to people’s hearts. How much financial help can you afford to give your children and grandchildren? Should you be buying long-term care insurance to guarantee you don’t burden your kids? Is purchasing that beloved lake house a solid decision?

Even the best retirement calculator can’t answer questions like these.

So take a clear-eyed look at your values, your goals, and your finances, and get some guidance if you need it. With a little thoughtful planning, you’ll be on your way to a future filled with new opportunities, time spent with family and friends, and the peace of mind that comes retirement planning that is tailored to your unique needs.

Cheers, and happy reading!
Greg

To learn more about Greg or want discuss retirement visit, SBSB Financial Advisors?