The Retirement Guys: 5 Tips to help prepare for retirementWritten by Nolan Baker Mark Clair | | firstname.lastname@example.org
What is your idea of retirement?
Retirement. What will it be like for you? Will you be sitting on a beach reading a book? Or, will you be like some that are busier during retirement than they were when they were working? Maybe you will just not retire at all because you can’t afford to, or you love what you do and you don’t want to stop. We all have our ideas of what will or should happen in the future, but who knows what tomorrow will bring?
Is retirement an entitlement?
If you listen, many, including leaders of our country, seem to think that it is. If so, what are we entitled to? Sitting on a beach reading that book without a care in the world? Or, worrying because we are “living on a fixed income”? If you know me (Mark) well, you know that almost everything in my life relates somehow to an episode of Seinfeld. Something happens that triggers random thoughts of a scene from that show. Writing this article makes me think of Kramer deciding to “retire”, and Jerry asking, “from what? You don’t do anything”(Check out the clip at https://www.youtube.co/watch?v=zW9P_HtmEPs). Kramer decides to join Jerry’s parents in Florida at the “Del Boca Vista” Retirement Community (check out the clip at https://www.youtube.com/watch?v=8F9T8ukqRRo). I can still picture the scene when Jerry gets to Florida to visit his parents and is shocked to find Kramer living next door. Jerry says in front of his parents, “you can’t live here! This is where people come to die!” Another scene is when Jerry and his parents are going to a restaurant for dinner and Jerry’s dad’s friend, Jack Klompas, is exiting the restaurant because he is finished with dinner after getting there for the “early bird” that is discounted in price for seniors. He makes a comment to Jerry’s dad how it must be nice to not have to worry about paying full price. My wife Lisa and I laugh about this now because our idea of a great evening is going out to dinner a 5 and being back home and in our jammies by 7! We laugh about going for the “early bird.” We know we are getting old based upon how much we love the comfort of the bed and the easy chair. My partner Nolan Baker and I talk a lot about the “mindshift” which refers a shift in thinking to better help reaching retirement goals as you near retirement age. Here are a few tips to help with this process.
5 tips from The Retirement Guys on how to better prepare for retirement:
- Treat retirement as a goal, not as an entitlement. If you have this attitude you will likely be much better off preparing for this shift in life and accumulating the financial resources necessary to make it a happy and relaxing time of life.
- Know where your income is going to come from. Will you receive a pension? Social Security? Will you have to live off your savings? Don’t necessarily rely on earned income in retirement even if you plan on working part time.
- Have a Social Security Analysis done. There is software available to calculate how much you will receive depending on what age you start to take it. It could cost you a lot of money if you take it at the wrong time.
- Create a budget. What will your costs of living be? What kind of lifestyle do you want to live? Do you plan on traveling? Understand what health care costs can be in retirement. Many folks think Medicare is free. It is not. It could possibly cost in today’s dollars $3,000-$6,000 per year per person for health care.
- Create a “Retirement Game Plan.” Use a checklist of items to better help you manage your money, protect your assets and efficiently plan your estate.
These are just a few tips. There are many more things to consider as part of what The Retirement Guys call “The Retirement Game Plan.” To get a free copy of The Retirement Game Plan Summary, call 419-842-0550 or request a copy at www.retirementguysnetwork.com. As always, The Retirement Guys wish you a happy and relaxing retirement.
For more information about The Retirement Guys, tune in every Saturday at 1 PM on 1370 WSPD or visit www.retirementguysradio.com. Securities and Investment Advisory Services are offered through NEXT Financial Group Inc., Member FINRA / SIPC. NEXT Financial Group, Inc. does not provide tax or legal advice. The Retirement Guys are not an affiliate of NEXT Financial Group. The office is at 1700 Woodlands Drive, Suite 100, Maumee, OH 43537. 419-842-0550