Let’s talk retirement, youngin! It’s not just for “old people”

Suzanne Charrin

Meet Kathleen. She’s approaching 60 and has no idea about her financial future. Kathleen is in the majority. Like 51 percent of consumers in a recent study, Kathleen has only guessed how much she will need when she retires. She hasn’t done the math nor has she asked a financial advisor for help. In truth, Kathleen doesn’t know how long her money will last.

“Advisors wouldn’t be able to help me,” she reckons, since she’s barely keeping up the mortgage payments and had to take out a loan recently.

Kathleen is nearing retirement and her financial life is a mess. She knows she needs to get a better handle on this, but where does she start? To her surprise, she has options and perhaps it isn’t as bad as she thinks!

Let’s take a look at how it’s possible.

First, Kathleen has her “aha!” moment when she realizes she needs to commit to doing the work. She starts by pulling together all of her financial information, such as current gross income, years until retirement, amount she expects to receive from Social Security, current savings, value of her home, mortgage payments, expected number of years in retirement, and any additional assets she’ll have once there.

She then plugs all her financial information into a Retirement Needs Calculator she found online and discovers it’s easy to use. She comes up with a pretty good estimate of what savings she’ll need for ongoing expenses in retirement and can now see that she’ll soon run short — and the consequences. She wisely calls a financial advisor whom a good friend recommended and sets up a meeting. She and her financial advisor draw up a well thought out comprehensive retirement plan. Together they develop a strategy that takes into account Kathleen’s options, such as working part-time in retirement or selling her home and moving into a smaller home as well as several other options.

There are many other benefits to having the retirement plan. Previously Kathleen had always followed the “rule of thumb” on the types of investments she made and the degree of risk she took. With some unique planning tools that her financial advisor showed her, Kathleen had been shown that she didn’t need to be taking on the high level of risk that she was previously taking to get to her financial goals. She now feels inclined to take a more appropriate level of investment risk, which will help her reach her retirement goals.

Kathleen breathes a sigh of relief! She now has a plan for her future and some options she’d never considered. With a personalized financial plan for her own goals and risk tolerance, she now has a roadmap which may give her some peace of mind!

Click here for a roadmap to your comfortable, confident future.

The information in this communication is not intended to be legal/financial advice and should not be treated as such. Each individual’s situation is different. You should contact your legal/financial professional to discuss your personal situation.

Provided by courtesy of Suzanne Charrin, MA, RFC, a REGISTERED FINANCIAL CONSULTANT with Life Certain Wealth Strategies, 8400 E. Prentice Ave, #715 Greenwood Village, CO www.lifecertain.com, 303-793-3999. Securities and investment advisory services offered through Woodbury Financial Services, Inc. Member FINRA, SIPC and Registered Investment Advisor. Life Certain Wealth Strategies and Woodbury Financial Services are not affiliated entities.

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