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Make Smart Financial Decisions: 5 Reminders for Financially Successful Retirement

Written By Millen Livis

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.


5 Reminders for Financially Successful Retirement:


  1. Save enough money. 

    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.



  1. Decide where you would like to live, be flexible with your lifestyle expectations and make smart financial decisions. 

    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.


  1. Pay attention to inflation and taxes, they may ‘eat your lunch’ if you don’t. 

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”.


  1. Ask for a second professional opinion if you’ve been persuaded to invest in a financial product.

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….


  1. Diversify your investments – have a portion of your money in the fixed-income investments and a portion in the stock market and/or real estate.

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!

With Love,

About the Author

Millen is a Wealth architect and Financial Independence Coach, entrepreneur, and a bestselling author. Being a Possibilities' Catalyst, she uses her intuition, business, and investment expertise to support entrepreneurial women (like you) who want to master their money, live their purpose achieve financial prosperity and freedom. With her physics and business education, corporate and entrepreneurial experience, money management know-how, mindfulness practices and transformational coaching skills, Millen has a unique ability to guide and support clients in achieving extraordinary success in their lives.

  1. Thanks for all the good points, Millen. I think the one that most people miss planning for is inflation and taxes. When I go shopping, I often get price tag shock. I can remember purchasing something similar years earlier at a much lower price. You have to remember that the economy will change and it’s imperative that you plan for that change.

    1. Thank you for sharing your experience, Joyce. Very true – inflation and taxes are the ‘unknown’ factors (I refer to specific numbers) but it is well known that they consistently decrease your net income (just look at the cost of the healthcare!). So, it is very wise to take this into consideration when plan your retirement.

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