No Two Plans Are the Same

Every individual is unique and their retirement plan should be designed to meet that person’s specific needs. Friends and family might try to be helpful by making recommendations or sharing what they did, but what works for one person may not work for another.

Recently, I had the opportunity to speak with members of the community who attended our Business Seminar and Retirement Planning Seminars. I enjoyed the conversations and questions they asked but was surprised by the trust people had in the financial advice given to them by family and friends.

One topic we discussed was when to take Social Security. The responses ranged from 62 to 70-years-old and everything in between. Every one of these ages to retire at can be both right and wrong. Each person’s situation is different and that is what should dictate when to apply for benefits.

 Another topic covered was retirement lifestyle design. Some might think planning for travel, various hobbies like golf, fishing, tennis, pickleball etc. and/or possible relocation sounds like a simple topic. In preparing for this life change, you need a plan and a budget in place.

The main concern was not that they needed to do this immediately, but that a long and successful retirement would be achievable if a plan was put into place. It is never too early to begin planning, saving and budgeting for this next phase of life.

Something else to consider is if you plan to move to another state once you retire. Will you be selling a home prior to relocating and would you be purchasing a new home or renting?

Would you be leaving family behind and did you plan on the additional expense of visiting them? There may be a new added expense if you will be traveling to visit family after a move.

Did you spend enough time in the new location before relocating? Spend time there and visit more than once. When visiting local businesses, ask what the community is like and what people enjoy or dislike about living in the area.

I shared my advice with attendees on when to sell your home, a potential tax situation and things to consider when relocating to a new area.

I met with thousands of people over the past 35 years. Their stories, experiences, failures and success allow me to relate to their situation and provide valuable insight to clients.

Meeting with a Certified Financial Planner® can put you on the path to maintain your lifestyle and enjoy the retirement you worked hard for.

Kevin G. Duffy, CPA/CFF, CFP® provides a free consultation to discuss your financial plan. Book online at duffyfinancialplanning.com.