Please don’t look in the mirror and say, “Oh my gosh…what am I going to do, I’m 62…Or I will be before long!”
THE REASON: A whole new world is about to open up to you! Emancipation from what “used to be” …to a new world of Anticipation…and another 30+ years!!
It is estimated that 76 million others are right there with you! So, throw a party and have some fun!
Just like it was back at age 30 when you were wise enough to have a “plan” for your future, NOW you are even wiser and are aware that there MUST BE a plan for the next 30+ years of life!
Yep, 62 is what we know as the “wake-up” call for getting organized for the next 30-year portion of life and making sure that there is a plan in place. Just as “single life” to “married life”, or “student life” to “business life” was a transition, so is “employment life” to “emancipation life” (retire-ment)…regardless of the way we define it!
If you are celebrating #62 or will do so in a year or so, here are some “thought nuggets” you might ponder:
1) Am I ready to retire (from all work) both financially and psychologically? Is now the time for the “financial” transition from “earned income” to “investment income”?
2) If I do not retire now, what will the size of my 401-k be if I wait and the Market goes down drastically in the last couple years of my working life?
3) What will I do now that I’ve decided to retire?
b) Travel / golf every day, etc.?
c) Start a new company?
d) Continue with current employment?
e) Work part-time, consulting, etc.?
f) Take a break for 1-2 years and then decide?
4) What benefits do / did I receive from employment that I need to replace?
a) Health insurance
b) Life insurance, Disability Income
5) Is my “bucket of retirement money” as secure as possible to give me a “lifestyle income” without going kaput in the later years?
6) Have I factored in the impact of “Inflation” and how that will affect me and /or my surviving spouse?
7) Should I start taking Social Security at 62 or should I wait until I am eligible for full benefits after age 66 or 67?
8) How will I care for my aging parents and how will that impact my plans?
9) How will I provide for a “challenged” child? Will he / she lose their benefits if I “will” my assets to him / her?
10) Are my legal papers in order?
a) Relating to my ultimate demise?
b) Relating to my possible incapacitation?
11) Do I plan to live where I am now for the rest of my life or will I “age in life” in another location?
a) Close to my children?
b) Close to my favorite golf courses?
c) Away from my roots so I can “live in peace”?
d) Single story or 2-story living
12) Where would I wish to receive care in case I ever have to receive such?
a) From and around my children?
b) What impact will my incapacitation have on my family?
13) What is REALLY important to me for the rest of my life?
a) What are MY goals?
b) What “gets me up” in the morning?
c) What legacy do I wish to leave?
d) How do I want to be remembered?
e) What could I do between now and the end of life that would bring value to others?
What a person WANTS to do, HOW a person wants to be remembered, and HOW a person is going “to pay for it” are great questions to be considered starting at age 62 OR BEFORE. Moving from a busy life and career into an arena of Emancipation and freedom brings excitement...but also a great deal of uncertainty.
Many people today are beginning to look for a trusted advisor who has “been there…done that”, an advisor who has seen the “landmines” of retirement through the lives of others. People are looking for someone who is what used to be known as “level headed” …someone who will take the time to listen to dreams, goals and objectives and help chart a path to achieve those important mountain tops! Life itself is complicated and each person’s life demands individual care as well as individual strategies!!!
Don’t try to figure everything out by yourself…there are still some genuinely good professionals out there who will spend the time to sit…listen…coach…educate…and if you wish, assist you in creative ways to reach your dreams. I urge you to visit with a competent advisor (not one who will scalp you, but one who is there to help you) …share your dreams and goals. If this advisor has an immediate “quick fix” product to sell…RUN! But, if this advisor listens and understands your heart, allow him or her to take your hand (as an individual or as a family) and lead you to your objectives.