Practical Cents #11: Are You Ready for Retirement?

Hello everyone and thank you for joining me. One of the best, if not the best, parts of our job as advisers is helping people retire. It's incredibly gratifying to play a part in the reward for decades of hard work, diligent saving and investing, and planning. When we have the conversation on retiring, the most commonly asked question is some form of, "Will I be okay?" Meaning, do I have enough money to retire?

It's a critical part of the equation, but one that can be answered within a well-prepared financial plan filled with numbers and fine details. An arguably as important question that too often goes unasked, with an answer that won't be found in the numbers, is, am I prepared for retirement? Yes, you 100% need to ensure you have enough money saved and invested to sleep well at night, but you also need to have a purpose in life to get you out of bed in the morning.

Most people often focus on the former while completely neglecting the latter as they wind down a career that may be upwards of 40-plus years, solely focused on getting across the finish line. Fortunately, in our role of helping people retire all the time, we have plenty of experience in addressing both aspects.

And part of getting people prepared for retirement is helping them to consider the thought-provoking questions outside of the dollars and cents, questions like who will you spend your retirement with? What will bring you fulfillment and meaning? How will you replace the time that was previously dedicated to working? And when discussed and planned for, at least to some extent, it can result in a much more satisfying transition to the next chapter.

So, for those of you beginning to review your 401(k) accounts with more anticipation, eagerness, and excitement as you begin to think about handing in your papers, remember to also take some time to think about the who, the what, and the how of your next chapter as well. Thanks for watching, and until next time.