Keen On Retirement

Between 1992 and 2016, 56% of all workers age 50 and older were forced into an unexpected early retirement, according to a recent study by the Urban Institute and ProPublica. Some of these folks lost their jobs due to layoffs, corporate downsizing, and buyouts. Others decided to retire because of a pay cut or deteriorating conditions at their workplace. And still others retired due to health concerns or other personal issues.

When is the best time to start planning for retirement? Right now! Whether you’re new to the workforce or just starting to see retirement on the horizon, you never know what tomorrow is going to bring. Hopefully you’re able to work as long as you want, doing something that’s fulfilling until you’re ready to retire.

Many people wait until they are on the brink of retirement--or worse, already retired--to figure out their retirement plan. This is akin to flying a commercial jet without a flight plan. One mistake and the plane can go down.

Even if one spouse is the primary breadwinner and the other more of a homemaker, couples have to plan for retirement together. Your retirement planning process and your retirement period itself will be much more successful if you put the time in now to think about both parties’ needs. And if a sudden health issue should make it hard for one of you to handle the family’s finances, both people need to understand how the bills get paid and how your investments are working. These five special considerations for retiring couples are big topics at our annual checkups with married clients.

“To all the clients I’ve worked with over the years, thank you for demonstrating that through hard work, character, and responsibility, it is possible to start from nothing and build a fulfilling retirement for you and your families."

Whether you’re 30 or 60 years old, involving a financial advisor in your retirement planning is a smart move. But not all financial advisors are created equal. Some advisors are more interested in making money or meeting employer metrics. It’s important you know how to steer clear of these folks and find an advisor who truly has your best interests in mind.