Participants in a recent study answered that they arrived at the appropriate amount they’d need to fund their retirement by guessing.
Retirement is too important and too final to go into with guesses.
When you tell the boss that you’re leaving your position, you should have a plan for what comes next. If it’s a promotion, another job for more pay, or something that gives you more responsibility and a clearer career path, that’s a good thing. On the other hand, if you’re leaving to start your retirement, with years (or decades) without a steady paycheck, you had better know what you’re doing and have a clear plan.
Retirement comes with more than just leisure time. We continue to age, visit the doctor more often, and our skills get outdated, making it more difficult to get another job if we find ourselves in need of additional income.
True story: I knew a retired rocket scientist who got a job in the tool department of a hardware store to supplement his retirement pay to maintain his standard of living.
A financial advisor who specializes in retirement planning can help facilitate discussions on several key issues, enabling genuine retirement planning to take place.
If you or someone you know is contemplating retiring, give us a call. We’d be happy to sit down over a cup of coffee and discuss what you need to retire.
Arie J. Korving, a CERTIFIED FINANCIAL PLANNER™ professional, has been delivering customized wealth management solutions to his clients for more than three decades. Prior to co-founding Korving & Company, he was First Vice President with UBS Wealth Management and held management positions with General Electric.