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Publié par | eBookIt.com |
Date de parution | 09 mai 2018 |
Nombre de lectures | 0 |
EAN13 | 9781456631598 |
Langue | English |
Poids de l'ouvrage | 1 Mo |
Informations légales : prix de location à la page 0,0498€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.
Extrait
© 2018 Stanley B. Corey
All rights reserved. No part of this book may be used or reproduced in any manner without written permission, except in the case of short quotations used for critical articles or review.
This book is a work of fiction. Names, characters, businesses, organizations, places, events, and incidents either are a product of the author’s imagination or are used fictitiously. Any resemblance to actual persons, living or dead, as well as events or locales, is entirely coincidental.
Although the author and publisher have made every effort to ensure the accuracy and completeness of the information contained in this book, we assume no responsibility for errors, inaccuracies, omissions, or inconsistencies herein.
Any brands, products, companies, and trademarks that appear in this book are stated for illustrative purposes only. Their mention in no way expresses explicit or implied endorsement or approval of the content in this book.
ISBN-13: 978-0-692-14752-8 (paperback)
Library of Congress Control Number: 2018907582
PRINTED IN THE USA
10 9 8 7 6 5 4 3 2 1
To my many clients who have entrusted me with their financial lives and wellness and allowed me to be a part of their family life story.
TABLE OF CONTENTS
Preface
Part One: Setting the Stage
1. Crystal Ball
2. What Type of Retirement Do You Want?
3. Evaluating Your Retirement Readiness
Part Two: Top 5 Retirement Concerns
4. Maintaining Health and Healthcare Options
5. Expectations and Financial Wellness
6. Aging
7. Social Security and Retirement Plans
8. Estate Planning and Elder Law
Part Three: The 5 Stages of Retirement
9. Transitioning
10. Go-Go Years
11. Slow-Go Years
12. No-Go Years
13. The Exit
Appendix A: Real Retirement Plan Checklist
Appendix B: Executor Duties and Responsibilities
Appendix C: IRS Life Expectancy Table
Appendix D: The Retirement Expectations Exercise
Acknowledgements
About the Author
I N 1964, BOB DYLAN wrote the song, “The Times They Are a-Changin’.” As he sang those famous words, I wonder if he had any idea how much they would come to represent an entire generation of Americans. No doubt, those born in the 1940s, 1950s, and 1960s have improved the world through championing civil and women’s rights, the technological revolution, the redefinition of family and the workplace, and rock and roll. And their ability to shift paradigms continues as they influence what it means to retire.
Merriam-Webster defines retirement as “the state of being retired, withdrawal from one’s position or occupation or from active working life.” With all due respect to the famous dictionary publisher, one glaring problem I find with this definition is that retirement, in fact, no longer exists!
Working with clients as a financial advisor has shown me that the current generation of retirees is not following the path of their parents. Even the “r-word” (retirement) is problematic for many of them because it conjures up images of sitting in a rocking chair and staring out the window to the world beyond one’s living room. Truth be told, retirement today bears little resemblance to withdrawal from active working life. Many of today’s retirees have no intention of stopping and are seeking to live the rest of their lives with purpose and adventure. For them, this stage is not just a shift in living but a shift in thinking as well.
Based on these reasons, I offer a more relevant definition of retirement:
Retirement is when work becomes optional.
Making work optional may signal an end to one type of work: no more showing up to the office Monday through Friday and no more mandatory commutes and work travel. But, more meaningful to today’s retirees, it signals a bright beginning: freedom to define work on your own terms and according to your own wishes. Who wouldn’t be thrilled to embark on that kind of amazing journey?
For these financially savvy and motivated individuals, making work optional is less about asset accumulation and more about developing “emotional wealth,” which is how to enhance our lives by doing good, following our own paths, continuing to learn, seeking new challenges, and exploring new opportunities to improve our own lives as well as the lives of those around us.
While making work optional is full of opportunity, like any major transition, this stage can be anxiety inducing as well. It can be a time to continue the work you’ve been performing, but possibly at a reduced pace. Or it can be a difficult period of letting go, as you release your hold on an identity that has been linked to the workplace your entire adult life. Or you may find yourself working into your seventies and beyond, perhaps because you’re afraid of running out of money or maybe because you have a passion for what you’ve been doing and want to continue.
Whatever your circumstances, making work optional is less about a specific age and more about taking control of your life and physical and emotional wellness, maintaining financial independence, and pursuing your passions.
Why retire? If you’re at this stage in your life, you’ve probably asked yourself this question. For many, they have no choice because their work requires them to retire by a specific age. This is the case for those working in law enforcement, in certain government agencies, as airline pilots, and in other occupations where the risk of having an older employee may endanger the people they are intended to serve.
For others, however, reaching normal retirement age sixty-five or deciding to retire earlier no longer has the same meaning it did a generation ago. Many of us feel we can continue to contribute, if not in our current occupation then in another role we find to be satisfying from a personal and an emotional standpoint.
Many professionals from doctors, lawyers, and professors to financial advisors and corporate executives have built their lives around working in their field of choice and cannot dream of doing anything else. That is why we are seeing so many more people continue their careers well into their seventies and even eighties. For many others, reaching a time when work becomes optional means having the freedom to try something new and different and following their passions without worry about the amount of income it generates. This can also be a time of stress if, in fact, you do need to continue working, as finding new work in your sixties can be challenging.
A key to a successful retirement is finding a new passion in your life. There is an old saying, “If it is going to be, it is up to me!” Retirement is a new awakening and a new opportunity to live the life you have always envisioned. So take charge and go for it!
“ S TAN, CAN’T YOU JUST peek into your crystal ball so you can answer my questions with 100 percent certainty?”
During my nearly forty-year career providing financial guidance and advisory services to individuals, couples, multi-generational families, and small businesses, I’ve heard variations on this question from my clients countless times. This is particularly the case when my clients are embarking on their “making work optional years,” which is a time when people typically seek more security and predictability. For many, this often marks one of the biggest and scariest transitions they will ever experience in their lifetimes.
I’ve worked with clients who represent a wide range of experiences. Some have lived well into their nineties; others have passed away shortly after retirement; some have suffered the death of a spouse, sibling, child, or even a grandchild; some have divorced early in their careers or postretirement; others have enjoyed retirement with the love of their life until the very end.
I’ve had the privilege of helping people transition from their working careers to retirement, manage their financial lives throughout, and pass down their legacy to the next generation. In regard to legacy, it isn’t always only about leaving money behind. Often it comprises passing on a person’s core principles and values.
Working closely with my clients, sometimes over decades, has given me deep insight into how people define this stage in their lives. Over the years, my clients have provided diverse definitions of retirement. The following is a sampling of what they‘ve shared with me.
Retirement is: rewiring your life. having a plan and staying active. the moment in life you can finally make YOU the priority. building a sacred place to do something for your soul! It’s time to reflect and give back to your community and the world. It’s about connecting your soul to whatever higher being you believe in. not having to drag your butt out of bed at zero-dark-thirty! liberation from work and the opportunity to create and experience as many great moments as possible. a time to think and create new memories. when you have all day to do something and it takes all day to do it! not your end game. when you can pursue your passion on your own terms. time to take on new challenges, have new experiences, and enjoy family and friends. spending the rest of your life with those you love.
Do any of these resonate with you?
Based on these responses, retirement can be summed up as an emotionally charged period, and for good reason. No doubt, retirement is often associated with: doubts related to determining when o