You want to have a wonderful, enjoyable, worry-free and fun-full retirement, don’t you? In my experience, people who manage their finances well and plan for their retirement or financial independence even prior to retirement age have a very satisfying experience of freedom in their lives – freedom of choice and time. Unfortunately, those who didn’t plan well or who didn’t save enough are finding retirement age difficult….
My passion and purpose is to help people like you as much as I can using my experience, expertise and systems to have a fabulous time once YOU decide to retire or just take a long sabbatical from your work. Below is the outline of 5 essential aspects to REMEMBER so that you will make your pathway to financial independence (at or before the retirement age) not only probable but also feasible. Write them down and share them with your friends and family so they too will be able to avoid the retirement traps.
Do NOT spend (or borrow) just because you can. You and your family CAN be happy without going deep into debt! It’s a wishful thinking that you can keep on borrowing and catch up later (e.g. when you get your big break in your business or at your job; when you finally finish paying for… whatever; or when kids will leave the house, etc.) It’s a psychological trap that so many people get themselves into.
The likely outcome of NOT doing it: you may experience panic or fear or both once you get into your 50s or 60s. You would likely have to work longer than you wanted. You may have to adjust your lifestyle… and, as it often happens, you may fall prey to persuasive salespeople who do not have your best interests at heart.
You may decide to stay in your current house or move to a smaller house or a condo. You may decide to relocate to a different state with a better climate and the less taxes (or no state tax like Florida). You could buy a rental property or a fixed index annuity to have an additional income. And above all, you need to establish an emergency fund to cover unexpected expenses (e.g. medical emergencies not covered by your Medicare or other insurance).
The likely outcome of NOT doing it: You may become financially and emotionally vulnerable when unexpected happens (and it usually does) and again fall prey to enthusiastic and persuasive salespeople.
Inflation is gradual and may be deceiving. Do not assume that $1,000 you have today will buy roughly the same “basket of goods and services” in 2027 and 2037! Nobody knows what the future holds, agree? Be mindful of your investments – choose investments that grow with the increase of inflation. And remember that you’ll still need to pay taxes! Yeh, that…. If you plan to use distributions from your taxable retirement accounts (e.g. non-Roth IRA or 401(k) ), the full amount of those distributions is taxable. If you plan to own your home, you’ll need to pay property tax. So… It may worth your while to hire a qualified financial planner to help you develop a financial fortress plan. (make sure to use the list of questions I provided earlier when interview your financial professionals.)
The likely outcome of NOT doing it: You may suddenly realize that everything is costing a lot more than it “should,” and your fixed income is not enough to cover your lifestyle. And unexpected tax bills from your friendly accountant may send you into a “panic mode”.
It’s quite common to buy financial products while attending a free investment seminar(s) with an enthusiastic instructor aka salesperson. They often offer a private consult, promise high returns and decreased taxes, however, don’t give time to do your own due diligence or ask for a second professional opinion. They offer incentive to buy it now… Do not fall for these tactics with your money – always, always, ALWAYS give yourself time to do your homework before investing your money!
The likely outcome of NOT doing it: The least, you may get greatly disappointed and have many reasons to never trust an investment sales pitch again. The worse, you will have less money for your retirement….
We currently live in the unprecedented low interest environment yet many people still feel safe having only fixed-income investments (e.g. bonds, annuities, etc.) and are afraid to invest in the stock market because they are afraid to lose money. Yet diversifying your investments is the mindful way to protect yourself and your money from unexpected.
The likely outcome of NOT doing it: Your safe fixed income may not be enough to meet your increased needs and lifestyle, especially healthcare.
Was it helpful? Let me know – leave a comment!
To Your Wealth, Health and Freedom!
Millen has a way of opening up conversations that not only make you feel safe to talk about money, but her questions have been so profound that they have made immediate shifts in my mindset and my circumstances have changed almost immediately too, including more money showing up, but more importantly, more and more opportunities. I have found new and inspired direction, and am feeling a lot more peaceful and excited about life in general. Millen offers so much value and a solid advice! She is a big picture thinker and it is infectious! Thank you, Millen, from the bottom of my heart and the top of my soul.
Millen Livis is a gift to humanity. Millen is very generous with her time and energy, sharing her vast life experiences and strengths, empowering me to become a better human being. Millen has impacted my life spiritually, emotionally, physically and financially, by her encouragement and clarity. I have not said, “Thank you!” enough.
Millen brings together an interesting mix of feminine wisdom, clear logic, assertiveness and humility in all of her interactions. With her warmth, intelligence, diverse experience and passion for ‘Dare to be the best you could be’ message, she inspires other women to reach for the goals they set for themselves.
Using laser like energy, Millen gives her full attention to your issue and stays with it until a satisfactory resolution or conclusion is reached. Open minded, yet direct and honest, Millen balances objectivity with compassion. It is a joy to work with her!
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