Retirement Financial Planning

In the movies retirement is painted as a relaxing ride off into the sunset, but the reality is that for many retirees it can be a time of soul searching more stressful than even the rat race of the working world. Look no further than our famous sports stars, most recently Vikings quarterback Brett Favre, saying goodbye to a way of life you’ve become accustomed to can be a nerve wracking-change of direction. Retirement shouldn’t be seen as intimidating, but rather as a relaxing reward for years of hard work. In order to ensure that you enjoy a fulfilling, anxiety free transition to the post-employment world, anticipate these potential problems and know how to solve them should they arise.Feeling a Lack of Purpose – After years of building towards certain career goals, sitting around with seemingly nothing to do indefinitely isn’t as novel and enjoyable as it was when it was limited to just a week’s vacation. (more…)

Even savvy retirement planners can overlook or mismanage their money from time to time, bringing about the exact type of stress and labor retirement was designed to avoid. After all, no one can completely predict the future, although due diligence and research often leads or a more enlightened and realistic forecast. When contemplating your retirement plan and assessing where you are relative to your desired financial future, here are a few things to keep in mind that are constantly overlooked by retirees until it becomes an unavoidable inconvenience.Underestimating medical bills Right now you are quite possibly relatively young as compared to age you plan to retire. It would logically follow that as you get older, you will no longer have the same fit bill of health you might have at the current time. Even the difference between the annual medical bills of 60-year old vs. a 70-year old or 80-year old can vary dramatically, not to mention pricey long term care services/facilities. Don’t calculate how much maintaining your health will cost you based on today’s figures as it is sure to greatly increase in your future. (more…)