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Missed Fortune – Putting Retirement Concerns To Rest

Posted on | July 1, 2013

Five Concerns That Accompany Retirement

There are five main concerns that cross the minds of individuals approaching retirement. All of them are based in a desire to keep from depleting ones retirement nest egg too early.

The first one is health disruptions and the costs of long term care that can quickly gobble up a person’s savings.

The second concern is about falling short in our retirement planning and eventually becoming a burden on our loved ones.

The third concern is over new family interdependencies that happen. This could include using a significant portion of ones retirement nest egg to bail out children or family members who are starting a business, going through a divorce, or bankruptcy or other difficulties.

The fourth concern is about where to live during retirement. This includes living somewhere safe and affordable.

The fifth and final concern is that of self-reliance. This means being prepared, not only financially, but also being able to take care of our needs in case of a natural disaster, an emergency, etc.

The good news is that each of these concerns can be successfully addressed through becoming educated and implementing the proper strategies. None of these concerns will remain an issue when, with the same amount of dollars, you can build up twice the nest egg.

When you’ve stopped following the crowd and instead of putting your money into IRAs or 401(k)s, you were able to accumulate your nest egg tax-free, you’ll have addressed many of these concerns.

When your money grows faster than the rate of inflation and is indexed to the market but not at risk in the market, you’ll enjoy every bit of upside without losing money when the market goes down.

You’ll be enjoying liquid assets safely earning a predictable rate of return and that makes each of the above concerns vanish.

Embracing Life’s Different Stages

We pass through a number of different periods in our lives.

There are the learning years when we are in school, followed by the earning years when we are actively fulfilling our careers. Eventually we reach our golden years, which for many can be described as their yearning years. That’s when they find themselves yearning for more time, more money, better health, etc.

Not everything turns out exactly as we’d planned. By the time most people start thinking seriously about retirement planning, a good many of them are realizing that they wish they’d started sooner.

Their attitudes evolve as they get approach retirement age. Some of them feel optimistic while others feel isolated or scared. A growing number of people worry that they might outlive their nest egg.

There are some solutions they need to consider.

One of the most important things they can do is recognize that there is a world of difference between at-retirement planning and for-retirement planning. It’s often necessary to reinvent yourself, figuratively speaking, once you’ve crossed that retirement threshold.

But money is only one part of the reason we plan ahead. Connectivity is another essential part of our lives that affects our relationships with family, friends, and community. It can also include the mentors or guides we trust to help us navigate life’s waters.

In this latter group, some of our connections serve as a kind of OnStar button for us in that they can see exactly where we are at and can advise us on how to get where we’d like to go. Again, this is about more than just our finances.

It’s not uncommon for Missed Fortune wealth architects to help people learn how to strengthen their marriages and teach responsibility and accountability to their children or grandchildren, all while helping them build their wealth. They help to transform family businesses into business families that will last for many generations.

This typically does not happen when following the crowd. The first step toward the abundant life you’re planning for is to visit with a wealth architect today.

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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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