Make A Plan With These Five Factors In Mind

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About Adam Ellzey

Adam is a Retirement Concierge with a successful career in financial services since 2012. Having graduated from Oklahoma State University in 2006 with a major in business and a minor in marketing, he discovered his passion for finance and helping others excel. As a Retirement Concierge, Adam specializes in creating personalized retirement plans that ensure his clients’ golden years are financially secure and fulfilling. If you are interested in exploring retirement planning options and elevating your financial practice to new heights, Adam looks forward to connecting with you. Together, you can chart a path to a secure and fulfilling retirement that aligns with your vision and aspirations.

Is Time Really on Your Side When Planning for Retirement?

The iconic song lyric “Time is on your side” might not resonate the same when you’re thinking about retirement. As retirement nears, one of the most pressing concerns is, “How much monthly income I will need?” While in your working years, paychecks fuel your lifestyle, those constant streams may dwindle come retirement. Fact: Living off Social Security alone isn’t viable for most couples, and most people lack a guaranteed pension. So, how does one ensure a comfortable retirement? Let’s break it down.

  1. Mortgage – The Monthly Mammoth Mortgages often consume the most significant chunk of your income. Did you know that nearly 49% of Baby Boomers were still paying off their mortgages, as per a 2018 study? Owning a home is a boon, but the strategy you employ is crucial. As retirement looms, you can either:
  • Hustle to clear the mortgage, allowing for flexible retirement spending or
  • Craft a retirement plan incorporating the mortgage, compromising on luxuries like dining out or trips.
  • Consider this: Without a mortgage, where could that money go? Is downsizing the key to your dream retirement? Or is relocating a better choice?
  1. Travel – The Golden Years Dream for many retirees, travel is the dream. An astonishing 70% of workers yearn for travel during retirement. Whether reuniting with old pals or exploring historic sites, early retirement often sees more travel. However, “hoping to travel” won’t suffice; one must set a concrete plan.
  • Ask yourself: What’s on our travel bucket list? How often do we plan to embark on adventures? Do we have long-lost friends we’d love to visit?
  1. Automobiles – The Silent Budget-Drainer cars might seem inconsequential, but they may silently impact retirement finances. Buying that flashy dream car can pinch your retirement budget, especially if you’ve enjoyed the luxury of a company car or are considering upgrading for a smoother retirement ride.
  • Reflect on: Will car payments disrupt our retirement budget? When will we genuinely need a new vehicle? Cash or credit – what’s the ideal way to buy?
  1. Trusts and Wills – Securing Your Legacy: A key retirement conversation is ensuring your assets are orderly managed. Trusts and living wills manage assets and save families from legal tangles and unexpected costs.
  • Mull over: How do we envision our asset distribution? How can we minimize taxes for our heirs? Is our will up-to-date?
  1. Life Insurance – The Safety Net Life insurance isn’t just another bill. It’s a safeguard. While some view it as an added cost, its value as a financial safety net is unparalleled. Life insurance fills various gaps, from ensuring retirement income to long-term care planning.
  • Consider why you have life insurance and whether it serves its purpose. Are your existing policies suitable for your retirement phase?

Retirement should be a period of relaxation, not tension. Addressing these five critical elements may ensure you bask in your Golden Years. Remember, time might be on your side now, but planning ensures it stays that way! So, make sure you prepare, plan, and then enjoy a well-deserved retirement.

  • Mortgage Matters: Prioritize your housing plan. Pay off or incorporate the mortgage into your retirement budget.
  • Travel Plans: Translate travel dreams into actionable plans. Budget accordingly.
  • Automobiles: Assess if that new car truly fits into your retirement budget.
  • Trusts and Wills: Secure your assets and legacy with updated legal documents.
  • Life Insurance: Reevaluate your policies to ensure they offer the best safety net for your retirement.

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About Adam Ellzey

Adam is a Retirement Concierge with a successful career in financial services since 2012. Having graduated from Oklahoma State University in 2006 with a major in business and a minor in marketing, he discovered his passion for finance and helping others excel. As a Retirement Concierge, Adam specializes in creating personalized retirement plans that ensure his clients’ golden years are financially secure and fulfilling. If you are interested in exploring retirement planning options and elevating your financial practice to new heights, Adam looks forward to connecting with you. Together, you can chart a path to a secure and fulfilling retirement that aligns with your vision and aspirations.

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