Helping people fulfill their goals and accomplish their dreams is a wonderful profession to be in. In my career, one of the primary areas of focus is retirement. Clients are continually asking if and when they can retire and how long they can go before they will run out of money in retirement.
I am here to tell you … you can do it. Will it require a fair amount of work? Yes. Will it take some sacrifice? Yes. But you can do it.
Determining Your Financial Goals in Preparation for Retirement
In a recent Forbes article titled, “Can You Retire With $2 Million?”, author Jeff Rose discusses the hurdles many hopeful retirees face when it comes to creating an investment strategy that fits their needs, desires and most importantly, their budgets.
The article focuses primarily on portfolio allocation. While asset allocation strategies are undoubtedly important, I would personally prefer to help clients figure out what their goals are and the best methods we can apply to get them there.
In conversations with clients and prospects, we often hear that personal goals have not been established and many of these clients are still unsure of what they would love to do on a daily basis upon entering retirement.
At Capstone, we do the heavily lifting in terms of looking at the numbers. We want to hear from you, our client on your passions and what you would like to do throughout your retirement. What makes you happy? What gives you the freedom and allows you the lifestyle you enjoy?
In the Forbes article, four important questions were asked:
• What will a typical day look like for you in retirement?
• What hobbies or activities do you think will keep you the busiest?
• What will you be doing in retirement that you are not able to do now?
• What are the challenges, opportunities, and strengths that will either help or hinder you from achieving these goals?
One client we have enjoys nothing more than going out in the yard and raking leaves on a beautiful Colorado day. Another individual is looking forward to helping underprivileged kids attend college. One particular client is anticipating the ability to spend more time on the tennis court and the golf course. Many others are trading in their desk job so that they can spend time with their grandkids.
Developing a plan is unique to all. Thinking about the plan is fun and exciting. It is amazing what you can do when you take the time to strategize and dream. To help begin outlining your plan for retirement, contact us today.