The time is here or is approaching. You have the financial freedom to retire.
Retirement Success
You have made it a priority and have succeeded in getting to this time of your life. So, what could go wrong? A lot, if you don’t plan for key contingencies that would eat your money up faster than a growing puppy.
My job is to make sure people have retirement success, not retirement failure.
- Retirement Cost: Probably the most important aspect of retirement is accurately projecting how much you will spend. You likely know know how much you spend on average on daily life. But have you factored in the ‘out of cycle’ costs? Deck repair. Painting the outside of the house. New water heater. New brakes. New tires. Those costs usually are hundreds of more dollars, on average, a month.
- Inflation: Even if your lifestyle will be more or less the same in retirement, it will cost you more through the years. That’s because in the case of inflation, no expense is spared. It will happen. If you haven’t factored in how you and your retirement assets will adjust to inflation, you will run the risk of retirement failure.
- Health Deterioration: Your body will start to break down. So will your mind. How will you pay for when those days arrive? Perhaps they never will to a point where you need to hire help, but if they do, they will cost you dearly. After years, perhaps even decades, of having retirement success, if you do not have a financial buffer for the cost of care, you will have retirement failure.
- Conservative Portfolio. It’s a race between our portfolio and inflation. Have you exposed your portfolio to enough volatility to keep ahead of inflation? While there is no guarantee on what any given year’s portfolio gain or loss is, there is a guarantee that you run the risk of retirement failure if your risk tolerance is below the rate of inflation. (Caution: I am conflating this a bit. Some people have enough assets to run the risk of not keeping up with inflation)
- Financial Fraud: Even when you have 1 through 4 nailed, if you don’t safeguard yourself from people trying to fraud you, then you will have retirement failure, not retirement success.
If you pay for professional guidance just once in your life, nearing retirement is the time to do it.
Even if you have done a lot already, you are at a minimum paying for a second set of eyes to look over what you have done so far and confirm you will have retirement success.
Are you ready to take the next step? Schedule a Discovery Meeting to get started.