Retirement Secrets are Best Shared

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Published by Taylor Financial Group (for women)

Someone once said, “secrets are no fun unless you tell everyone.” While I can’t say I completely agree with that statement, I guess there are some “secrets” that every woman should know, especially when it comes to enjoying a well-planned retirement. Retirement has such different meanings for all of us. For some women, it means exploring the streets of Paris. For others, it means finally cleaning out the garage, a task they’ve been holding off on for the past 25 years. Whether your retirement is full of adventurous days or relaxed ones, knowing the secrets to help you live a happy and successful retirement is key.

Check your spending. Retirement can quickly become stressful when you realize you have many years to live, but you’re not sure if you have enough money to last. Since women typically live longer than men, it’s important to plan for how you’re going to cover your living expenses in retirement. First, you need to evaluate your desired lifestyle and review your expenses, so that you can create a budget that works for you. You should have a goal to only spend a certain amount each month. At that point, you can have your financial advisor set up a “pay check,” where the money you need will be taken from your investment portfolio and transferred into your checking or savings account. You can also have your financial advisor help you understand how to maximize your Social Security benefits, among other things.  These are all matters that we discuss with our clients.  If your financial advisor isn’t reviewing these things with you, let us know.

Knock items off your bucket list. Take that dream vacation. You deserve it! You worked hard to get to this point. While it’s important to spend at a rate that’s appropriate for you, it’s also important to allow yourself to have some fun and spend money on the things you’ve always dreamed about. Have you been dreaming about taking wine tours in Napa Valley? Do it while you still can! But, don’t fall so in love with your vacation destination that you unreasonably decide you have to buy a house there. We often see retirees rush to buy a second home and, sometimes, this can cause a lot of stress, and even marital problems. Our best advice is to continue visiting the places you love for a few years before you make any decisions about buying a second home.

Do good and surround yourself with positivity. While this last secret doesn’t have much to do with your finances, I believe it’s one of the keys to living peacefully and happily in retirement.  Be sure to surround yourself with good friends and occupy yourself with good deeds. The truth is, retirement can sometimes feel lonely and unproductive. So join a book club, take a pottery class, volunteer at a soup kitchen.  Just do anything that makes you happy!

If you have any questions about your retirement plan, don’t hesitate to give us a call.  We are always here to help you pursue your goals and have financial confidence.

Check out our personal financial planning process, WealthMatch, to see how you can pursue your investing goals.


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