Every day over 10,000 seniors in America cross into the crazy world of Medicare qualification. That means that over 300,000 men and women will qualify for a version of health insurance that looks a little different, challenges their routines, and for many, creates a borage of junk mail and SPAM calls. So many choices, so many decisions, what a life change. For most of us, we will spend 40 years going to work, punching the clock, raising a family, and saving for a future time that will feel very different. RETIREMENT!! Does it sound scary or exciting? Here are a few tips:
- Breath. This period is life changing, but so many worry about some of the same things. The greatest concern for retirees, as reported by an AARP survey, is whether they will run out of money. The second greatest concern, by the same study, states people are concerned about taxes in retirement. These are not small concerns, but they can be understood and resolved.
- Educate yourself. Professionally, I need to take several hours of continuing education each year. In consideration to this education, I have found that the greatest educators when it comes to these areas of concern are those that work in the field of practice. (Think about it.) Your dentist looks at teeth and gums all day; shouldn’t his information and advice be valuable when understanding your oral health.
- Sometimes you have to zig, and sometimes you have to zag. In retirement, most seek to resume a “salary-like income.” Remember, when the stock market crashed in 2008, people drawing from their retirement savings, didn’t take a 38% pay cut for the 18 months it took to recover. Sometimes you need a plan A, a plan B, and a plan C.
- Reference your past to plan for the future. I am reminded of the cartoon Charlie Brown and how Lucy would hold the football for Chuck to kick it. After many past attempts, Charlie misses the ball every time as Lucy snags the ball away from his oncoming foot. Where is the lesson? Many of us get in a routine. This is not a bad thing, however, when this routine is made of stone and not mud, we lack the flexibility to be able to adapt. The good Lord gave us a brain; a tool to be able to learn from our mistakes, make adjustments, try again, and never give up. Don’t lose sight of that gift.
As a financial advisor of nearly 2 decades, I have always found excitement in watching the “Ah-Ha!” moment that I see in my client’s eyes…and now my children’s. This keeps me alive. We continue this mission everyday meeting with our clients to discuss their “Retirement Puzzle.” In the efforts of education, we invite any that would like to cross off a couple of these above bullet points to our next educational event. Don’t hesitate to reach out to schedule your seat in March at DMACC. Blessings.