Hi, Wisdo World! Time for Dr. Retirement! What's going on in your retirement life that some coaching might help?
There was a recent article in Financial Advisor magazine that discusses the "7 Ways Clients Can Fail in Retirement". Author Jacqueline Sergeant presents these items garnered from financial advisor Greg Sullivan. Since there's nobody joining in yet, let's look at them! His important message is for us to "help people think beyond investing and retirement preparation and look at 'all of the other things that trip you up'." First is: DIVORCE! There's a growing trend of "grey divorces" in America -- those happening in later years of life. There are changes to income sources, assets, and, most importantly, you emotional state.
Best ove luck in retirement 👏 from Runner 🏃♀️👏G
Indeed! How's retirement been for you, Runner G?
Next Greg mentions that ADULT CHILDREN can be a "drag on their parents' retirement." Some children prosper and thrive on their own, while others "freeload off the parents, who figured that helping (the freeloader) was their job." Hmmmmmm...
The next two that Greg shares are more financially based: SECOND & THIRD HOMES (for those fortunate enough), and UNDERLIVING WEALTH. In the first, they may be "cost-consuming assets" and you may be better off renting in those areas for a few months each year. In the second, people can "live in too much fear that things are going to go wrong...and are afraid to spend (money)." It's funny that financial advisors "sometimes have to give people 'permission' to spend a little of their own money." I certainly encountered that with my retirement clients when I was serving as their retirement investment guide.
A scary one is HEALTHCARE! I just turned 65 and now have Medicare coverage, so no more "jumping through the flaming hoops" of the requirements of employer-linked health insurance! Since it is a bit part of later-in-life expenses, "don't keep your head in the sand and avoid dealing with it." Your advisor should be helping you to "look at where the potential risks are, and that includes healthcare risks, not just for the clients, but also possibly for the clients' kids and parents."
* ...it is a big part... Certainly not a "bit" part! Oopsies!
For those who leave the traditional workplace (if there is such a thing anymore!) at younger ages,
Darn it! My finger somehow hit send!!
For those who leave the traditional workplace (if there is such a thing anymore!) at younger ages, STARTING A NEW BUSINESS is on their agenda. There are many things that can go wrong: it doesn't work out the way you thought, "so you keep pouring capital in it." Greg suggests sitting down with an advisor to "talk through the business plan and walk through the 'five P's': Purpose, People, Process, Profits, and Pricing. 'If they haven't thought those things through, then they are not ready.'"
Lastly, but of equal importance, is ELDER FRAUD. It's a real "growing problem and troubling thread to retirees. With people living longer, there are more wealthy people over age 60, and they are being targeted by fraudsters." Not just by telephone calls, but through email "phishing" as well. And it's not just the elderly. Greg shares, "It comes from all directions. You just have to be mindful.”
That's it for today, WW! Chat with me during a "Get Acquainted" session at no cost: https://calendly.com/dr_retirement/ Until next week, stay safe, stay healthy, and be cautious if you haven't yet had your vaccination. And if you haven't, DO SO, PLEASE! Nobody I know died, got sick, or grew another ear because of a vaccine!!!
It's been fair retired military navy love to help others but since cronvirus is still in place can't volunteer witch I love ❤to cook ect