Are you doing more summer vacation planning than financial planning? You’re not alone. Let’s talk about how you should view retirement planning in relation to your vacation plans.
As we get into summer, you may be taking trips or starting to plan your vacation. Often, people spend more time planning their vacation than they plan their retirement. Think about when you go on vacation. What kind of planning and preparation do you do ahead of time? David asks co-host Walter about his plans for an upcoming trip. There’s a lot that goes into this!
With a vacation, you have an idea of how long you’ll be there. When it comes to retirement, you still need to estimate how long your retirement might last. When will you retire? What might be your life expectancy? The last thing you want to do is run out of money in retirement and still have five years left.
How much money will you need to spend in retirement? Don’t assume you’ll spend less than you do now! Consider what kind of lifestyle you want in retirement and what that costs. Will you travel? Have you built in healthcare costs? Part of going on a trip is the research and planning and can be an enjoyable part of the process. It defines your goals and builds positive anticipation, just like retirement planning can do. You’ll have more comfort and confidence if you know what your plan is.
Aside from your investments, how much retirement income will you have? If you visit SSA.gov you can get some rough projections at what your Social Security will be. Then put it all together to project what you’ll have, what you need, and what the difference is. It’s important to keep updating your plan and adjusting as needed as you near and enter into retirement.
“Part of the hardest work in doing retirement planning is figuring out: what kind of lifestyle do I want—do we want—in retirement?”
– David Dickens
CONTACT US
OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
Get Directions
CONTACT US
OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
Get Directions
We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.
Advisory Services offered through CreativeOne Wealth, LLC an Investment Advisor.
Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. None of the information contained on this website shall constitute an offer to sell or solicit any offer to buy a security or any insurance product.
Any references to protection benefits or steady and reliable income streams on this website refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by insurance company. Annuities are not FDIC insured. Provided content is for overview and informational purposes only and is not intended and should not be relied upon as individualized tax, legal, fiduciary, or investment advice.
The information and opinions contained in any of the material requested from this website are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. They are given for informational purposes only and are not a solicitation to buy or sell any of the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.