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Return on Life is the idea that money is simply a tool to help you live the life you want, instead of the goal itself. With ROL as a focus, you don’t give up the best of life or the best parts of yourself just to get more money. The money is there to serve you, not vice versa. Instead of focusing on someone else’s definition of success, you write your own.
I was recently able to spend some time with one of my flight instructors and mentors, General Hank Canterbury (above with me and my son, Devin). A retired Major General of the United States Air Force, Hank was a fighter pilot flying over 450 combat missions, a member of the Air Force Thunderbirds, and a graduate of the very first Air Force Academy graduating class in Colorado Springs. During his retirement from the military, General Canterbury has been training pilots and still does to this day. Needless to say, I am honored to have him as a mentor and instructor and look at the knowledge, wisdom and experience he shares with me as priceless.
The number one question we get from clients and friends at Keen Wealth is, “How much money do I need to retire?” But that’s not the question we help our clients answer when we’re working on their financial plans. Contrary to all the late-night TV and internet ads, there’s not some magic number to hit, no secret formula for combined savings, assets and investments that’s going to guarantee a secure retirement.
But once I’m confident my plane is airworthy, I give myself a final once-over as well. Like many pilots I know, I take a moment to myself and check to make sure I’M SAFE. And I think this personal preflight checklist might give retirees a few things to think about too as they prepare to journey into an exciting new phase of their lives.
On today’s show, we discuss the essential steps everyone needs to take to create an estate plan, and how your estate fits in with your big picture financial planning as well.
In order to avoid this downside of retirement, my Keen Wealth team works to determine not only our clients’ financial needs, but we also work to understand their psychological and emotional needs. We like to really get to know our clients so that we can plan together for a meaningful retirement in which financial security and an active, engaged, fulfilling lifestyle go hand-in-hand.