| Hi Taylor
- My wife and I are retiring early next year, and though we feel
like our finances are adequately prepared, I'm not sure we are mentally.
I know you have worked with many retirees, so I'd love to get your
thoughts on some other things we should consider before taking this
big step. - Richard
Hi Richard - Congratulations on your quickly approaching retirement!
First off, let me put your mind at ease; there is no blueprint that
you have to follow to have the perfect retirement. Everyone's retirement
looks different, and the important thing is to enjoy the things you
have worked so hard for! With that in mind, here are a few things
to consider that you may not have seen elsewhere:
you shared your retirement dreams with each other? So often we
have this picture of what we want this phase of life to look like,
but when you are married, you have someone else to think about.
Maybe that means you are doing her hobbies this week and yours
the next. Perhaps that is traveling to the beach like she wants
to do this year, and you travel to the mountains next year. Maybe
you both dream of starting a business? Either way, you won't know
how to thrive in retirement together without communicating.
2. How do you two think about money? Does your spouse hate
to spend money, or does it burn a hole in their pocket? Everyone
has a money personality, which affects not only every decision
you make that has a dollar sign but also how you view your spouse's
money decisions. If you aren't sure what each of your money personalities
are, take our free assessment at www.The5MoneyPersonalities.com
and find more resources on how to dominate your finances during
this pivotal phase in life!
3. How much time do you want to spend with your kids and
their families? One of the final mistakes people make in retirement
planning is assuming you know exactly how your spouse sees your
role as grandparents. Do you want to live next door and be available
24/7 (thus giving yourself a part-time job) or just watch the
grandbabies during date night? There is no correct answer here,
but it is essential that you have open discussions with everyone
involved, including your child and their spouse, to see how they
believe that relationship should be.
| As you can
see, there is much more to consider with retirement than the balance
in your 401k. You can avoid some of the turmoil of this new stage
of life by discussing these items before taking that step. Enjoy your
hard-earned retirement, and I'll be here if you need me!
Information presented is for educational purposes only and is not
an offer or solicitation for the sale or purchase of any specific
securities, investments, or investment strategies. Investments involve
risk and, unless otherwise stated, are not guaranteed. Be sure to
first consult with a qualified financial adviser and/or tax professional
before implementing any strategy discussed herein. To submit a question
to be answered in this column, please send it via email to Question@GoFarWithKovar.com,
or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.