SHOW ME THE MONEY
Does your lifestyle in retirement need a final drive?
Whether you are or not you are a New England Patriots fan, you have to admire what Tom Brady did in the 2002 Super Bowl, when they played the Los Angeles Rams. With the game tied with ninety seconds left, he drove his team down the field to set up a possible game winning field goal. And as time ran out, kicker Adam Vinatieri kicked the game-winner from 48 yards.
Anything could have happened in the last minute and a half. Even in the final seconds. Yes, the Patriots won… but it was a scary win. Is this how you want your money and lifestyle to go? Do you want to wait for the last few years of your life to know if you’ve won? It could rob you of a lot of the joy in your later years.
So, what are you doing to be sure that your lifestyle dreams come true?
Are you tired of feeling stuck in your financial journey? Do you want to break free from the roadblocks preventing you from achieving financial success? If so, you need to meet with your financial advisor to help you unlock your full financial potential. (And if you don’t have an advisor, by the way, you can contact me.)
You need to take control of your future. Either by yourself, which I do not suggest, or with a financial advisor. You need to make sure that you will have enough money to live the life that you want to live and do the things that you worked hard and dreamed to do, in retirement. Your plan needs to be stress tested to be sure that you will have income for the rest of your life.
Is living the stock market retirement what you want? A stock market retirement allows you to do the things that you want when the market is up, and then forces you to cut down on your lifestyle, when the market crashes.
This is not the way to live during retirement.
I remember playing golf with my father and two of his friends in the early 2000s. They were playing golf 4-5 times per week at that point. When we finished, they asked each other if they were playing the next day. One of my father’s friends said that because his investments were down, he could only play 2-3 times per week for a while. He was living a “stock market retirement.” He enjoyed playing golf, however, he had to change his lifestyle.
You should evaluate your assets and how they are invested. Are your fixed expenses covered by guaranteed income products (social security, lifetime income annuities, pensions, or insurance)? Are your assets protected if you or your spouse require assistance to do the daily living activities? If not, you need to investigate how Long-Term Care insurance can provide income to cover those expenses. If you have not researched this insurance recently, you need to investigate the new products that can guarantee the premium to never increase and provide a guaranteed benefit / return on your investment.
The cost of care can wipe out your retirement nest egg very quickly, thus meaning you lose in the fourth quarter of your life.
Traditional financial, tax and retirement planning strategies are broken and providing people with false hope. Your advisor should teach you the mindset that will guide you toward your unique path to financial freedom.
Financial stress controls your life. So have your plan stress tested (if you have one) to make sure that you are on the path to an abundant retirement.
Marc Goldstein, our Finance Editor, is a nationally known Financial Educator and Retirement Wealth Specialist, who helps people protect and pass on their wealth. www.mgoldsteinassoc.com
