It’s Never Too Early to Plan

My husband and I are currently updating our financial plan with a focus on our Retirement Reinvention. If you don’t have a financial advisor, I highly recommend that you find a person you can trust and someone willing to do a financial plan, so you can see where you stand, and to help you identify and explore your vision, values and goals. Finding the right person is a big job.

Having a trusted adviser is one of the very best gifts you can give to yourself.  You will want assistance with not only the big picture, what I call your Vision or Dream, but to help you though the Discovery Process which is where I spend 80% of my time.  This is where you get clear about not only your goals (which is what you want) but your values (which is WHY your goals are even important ant to you).

The financial planning six areas of your life:

Financial Position:

  • Create a cash flow statement which breaks down income and expenses.
  • Determine your net worth by listing assets and liabilities.

Income Taxes:

  • Review tax situation for capital gains/losses with real estate or stocks.
  • Discuss inherited IRA status vs. pension /profit sharing plans.


  • Analyze investments for quality, safety, income needs, tax situation, etc.
  • Are investments manageable, properly diversified, or all over the place?


  • Establish amount of assets necessary to meet your lifetime income needs.
  • Project retirement income needs in several situations (i.e. home care/assisted living, utilizing long-term care insurance benefits if applicable.


  • Review documents and analyze current estate plan.
  • Verify beneficiaries on life insurance, annuities, retirement plans, & 401K
  • Decide what you need and desire for financial independence. How much will you leave for a family legacy? How will you allocate your social legacy regarding gift and tax?


  • Assess cash flow projections and alternate scenarios regarding disability, long-term care, and premature death.

A great financial planner will ask you to create a detailed budget, asking when certain expenses end, decrease or increase — like college expenses, health insurance and medical out-of-pocket costs, home improvements and maintenance, and even downsizing.  They will use these numbers throughout your analysis, and will calculate how taking your Social Security and pensions at different times can affect your nest egg. You will also discover how much you need to be saving TODAY to meet your goals and then track your progress along the way!

My husband is eligible for his pension at 55 and wants to compare retiring at age 55 to age 65, as well as taking Social Security early at 62 instead of 70.  I think he will find it eye-opening at the least.  There is magic in knowing these numbers. With this knowledge, you can make smart choices.

When you look at your retirement plan, do any of these apply to you?

  • You plan to work forever, either because you need to or want to.
  • You left or lost your job, dipped into your 401K, and may have even paid taxes and penalties on it.
  • You aren’t saving anymore or don’t even have a retirement plan.
  • You have never seen your Social Security estimate.
  • You don’t understand your pension and benefit statements or even know what or where they are.
  • You’re paying so much for your children’s college that there is nothing left for you to save for retirement.
  • Your kids have moved back home after college — enough said.
  • You have run up credit card debt and/or college loans and are trying to pay them off first.
  • You lost a big chunk of your savings in the 2008 market crash, never jumped back in, and are afraid it’s too late.
  • You are hearing that the stock market is too risky and that bonds are even worse right now.
  • You are putting all your money into real estate.
  • Your best investment is your business, so you have everything tied up in that and just pray you don’t get disabled.
  • You have no idea where to start or how much you will need anyway.

If you answer yes to any or all of these, then you are not alone.  According to a recent GoBankingRates survey, one-third of Americans report having absolutely NOTHING saved for retirement. As if that isn’t scary enough, 56% have saved $10,000 or less. Women have an even higher rate of not saving for retirement. A whopping 63% if women say they have no savings or less than $10,000 in retirement savings.

I believe that work is the New Retirement Solution and so do more and more Baby Boomers who are exploring their options. In a Gallop Poll, 80% of Baby Boomers approaching retirement  expect to continue working after ‘retiring’ to supplement their pensions, Social Security, and savings.

The silver lining, according to research, is that people who continue to work during retirement often experience better health than those who don’t work.  So long as the work remains low stress, retirees who continue working are less likely to suffer from major diseases such as cancer, high blood pressure, and cardiovascular disease. They are also less likely to become depressed.

This is great news because I see many of us continuing to work by doing something we absolutely love. I call this Retirement Reinvention, and I believe that this new retirement for most of us will consist of a simpler lifestyle with less consumerism and working at something we are passionate about. If my husband does want to retire early, we will have the numbers, and it will include going through this process … and I am sure it will include Costa Rica, Panama, golf, and biking!

This certainly is a different retirement than our parents – things have changed dramatically over the last two decades. Most of the clients I work with are interested in working in retirement not only for financial reasons, but to continue doing something meaningful  where they are utilizing their unique abilities, life experiences, and making a difference in the world.

I see many of us working into our 70s. Look around you, and you will see many vibrant 70 year olds doing amazing things and having fun. Remember, we will probably end up living into our late 80s and 90s. The secret is creating your plan now and then taking action.  In fact, check out my article this month on The New Retirement Solution for three women I’ve interviewed on Smart Women Talk Radio about their Retirement Reinventions.  I know you will get inspired.  Two of the three ladies are currently working to this day and are making a difference in the lives of others while loving their lives!

It’s never too early to plan, whereas waiting too long can sabotage opportunities and make your planning much more difficult with less choices. I always say that retirement is when working is OPTIONAL and retirement is affordable. Doing a financial plan will help you see these numbers!

If you are ready to explore your Retirement Reinvention, feel free to schedule a complimentary 30-minute retirement Discovery Coaching Session with me now at 

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