From Fraser Allport, The Total Advisor™ 386.882.6256
Learn why some people are happily retired, while others are stressed about their finances.
The Differences Between Happy and Unhappy Retirees – 8 Easy Tips :
# 1 : Some Retirees are Happy, While Others are Unhappy
According to financial planners, what separates the happy retirees from the unhappy ones comes down to getting a few things right in pre-retirement planning. Financial advisors say happily retired clients are financially stable and have properly thought out and planned their retirement. Here’s what differentiates the happiest retirees.
# 2 : The Freedom of Being Debt-Free
Retirees without any debt have more flexibility to spend money on their current lifestyle and less stress about making ends meet. ” One of the biggest things that differentiates the people who are happy or unhappy is : ‘ Did they pay off their mortgage? ‘ ” says Paul T. Murray, principal at Wealth & Advisory Associates in Chalfont, Pennsylvania. “Paying off your mortgage is critical.” The weight of the home mortgage and other debt weighs on people mentally, and forces some into part-time jobs they may not want.
# 3 : Monitor Spending
Uncertainty about how you will pay your bills can cause problems in retirement. Developing
a simple budgeting system can make it easier to track your finances and adapt to changes. “People who are doing well have a practical spending and budget system,” says Dan Prebish, director of life event services at Wells Fargo Advisors. “They are not necessarily people who do elaborate accounting and are always on the computer trying to keep track of every penny. Some people have a simple methodology, but they know what they’re spending.” Bottom Line : Without a monthly Budget as your “ Financial GPS ” … You cannot navigate your Retirement.
# 4 : Communication with a Spouse
Both members of retired couples should pay attention to the household budget. “For a couple, I think people are most happy who talk about financial issues regularly, even if one spouse handles most of the finances and the other is not interested,” Prebish says. “The fact that we sat down and had a little report seems to be a hallmark of successful, happy and thriving retirees.” Financial communication also helps couples to be better prepared if the spouse who handles the finances dies or is incapacitated.
# 5 : Diverse Income Sources
The retirees who are most content have not only saved well, but they have saved the right way. That means they have income from multiple sources in retirement. For example, you probably don’t want all of your retirement income to come from a tax-deferred 401(k) plan or IRA. “A lot of retires do a good job of saving, but they are facing taxes on income, and now they realize they are not in a lower tax bracket as they had expected,” Murray says. “Some of the most successful (retirees) have converted their IRAs into Roth IRAs. The benefit is when they pull income out, it is free of taxes.”
# 6 : An Active Social Life
Retirees need to take action in order to maintain a social life. “People are happy who move to a community where they have friends or can make friends or have activities that reinforce what they like to do – arts, or being by the water or having an active network,” says Janet Taylor, a psychiatrist and certified life coach. “When people, especially couples, have a sense of purpose and have activities that support their values (they are happy). That includes volunteering, giving back to the community and living in a way that reinforces their sense of purpose and value.”
# 7 : A Lifestyle Plan
The happiest retirees have a plan for how they will spend their time and carry it through. “I would say the one underlying theme with happy retirees, aside from the financial, is that they are engaged, they have hobbies and things they want to do. Now, this extra time is letting them do it,” says Bill Van Sant, senior vice president and managing director at Univest Wealth Management in Souderton, Pennsylvania. “If I see retirees keeping busy, supporting causes or grandkids, I find overwhelmingly that those folks are happier versus those who may be well off, but don’t have a hobby or have physical limitations. Those retirees are not that happy. They are getting bored and are not getting enjoyment.”
There are some people who don’t enjoy being retired. “Some folks don’t retire. They go back to work,” Van Sant says. “I find folks today delay retirement, not because they need money. They don’t have the desire to do anything but work. They will never be happy being retired.”
# 8 : Seek Out Professional Help. You Don’t Have to Go It Alone
Financial Planning is not a DIY weekend project. Markets change, and managing your money never ends. You Retire, but your Money doesn’t. For the rest of your Life, it is wise to have a financial shepherd who is there for your ongoing financial needs and questions.
Like any other Profession, Financial Planning is a Discipline grounded in education and experience. The Financial arena is a global and complex myriad of choices. Seek out a seasoned Professional, because your Money issues will make more sense to you if you have a financial teacher, tutor, mentor, and Life Coach at your side, like a co-pilot.
Retirement Planning will involve some of the biggest financial decisions in your Life. There is no room for error, and sometimes, mistakes cannot be un-done. Your Financial Life will be easier if you have someone next to you, explaining and guiding.
- Fraser Allport, your Florida DROP Specialist, can help you with DROP, Social Security, Medicare, Retirement, Tax and Estate questions. Fraser can help you with all your Financial needs.
- Fraser’s 36 Years of experience, and his expertise in DROP, are the guidance and leadership you need.
- If you want to be ” Retirement Ready “, call Fraser with your DROP, Retirement, Medicare and Estate Planning questions.
- Everyone’s situation is different, so Fraser will customize your Retirement Plan based on your situation.
- You cannot make financial mistakes at this stage in your Life. Losing Money is not an option.
- So call a Financial Professional. With Fraser’s experience, you don’t have to go it alone.
- Please see Fraser’s invitation below for a Complimentary Consultation to help you start your Exit Plan to Retirement.
- Starting any project is the hardest part, but Fraser can help shepherd you with a Plan of Action, Timelines, and specific Goals. Fraser has a 10-Point System to guide you.
Contact Fraser today for your DROP Retirement Consultation
It is Too Late in Your Life to make Money Mistakes !
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You call a Professional for every other project in Your Life, right ?
Please see Fraser’s invitation below for a Complimentary Consultation to help you start your Exit Plan to Retirement.
Starting any Project is the hard part, but Fraser can help shepherd you with a Plan of Action.
Fraser Allport is a Fiduciary, an Investment Advisor,
and a Certified Estate Planner ™ with 38 years of experience.
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- Fraser can help you with the very first steps that you must take to exit your DROP.
- Fraser can help you meet the dates and deadlines for filing your DROP Exit forms.
- Fraser can help you determine what forms are needed, and help you complete them.
- Fraser can help you with choices for wisely investing your DROP Rollover money.
- Fraser can help you optimize your un-used DROP Sick Days and Vacation Days.
- Fraser can help you maximize your Social Security benefits for you and also for your Spouse. Note: Social Security decisions are irrevocable after 12 months.
- Fraser can help you with your Health Insurance, Medicare, Medicare Supplements Home and Long Term Care choices. Most Long-Term Care occurs in your Home.
- Fraser can help you coordinate your Retirement Plans with your Spouse’s Retirement Plans. You and your Spouse want to be in synch about Retirement.
- Fraser can help you reduce your Income Taxes in Retirement. This may save you a lot of money over the rest of your Life. Don’t over-pay your Income Taxes. What a waste of Money.
- Fraser can help you with your Estate and Legacy Planning. Fraser is a Certified Estate Planner™. Leave A Legacy, not A Mess. This is a moral as well as a Financial responsibility.
- Fraser can help you Get Your House In Order with Wills, Trusts, Powers of Attorney, A Living Will, Health Care Directives, Final Expenses, etc.
- Fraser can help you with a Home Health Care Plan, customized for you. Act now,
while your health still qualifies. Home Health Care is the future of Long Term Care.
Your DROP Plan is your Retirement Nest Egg.
Safeguard it by getting Smart with your Money.
Remember the two Golden Rules of Investing:
1) Don’t Go It Alone. Seek out Professional help.
2) It’s Never Too Early to Plan for Retirement.
These are Big Decisions for You ... with really Big Consequences.
As You Retire, You are about to make some of the most important
financial decisions of Your entire Life : Social Security, Medicare,
Estate Planning, and what to do with Your DROP Lump Sum.
Be Smart with Your Money, because it’s Your Nest Egg.
Your Retirement is at stake here. These are Lifetime decisions.
Prepare for Retirement ...
and prepare for Longevity.
Because of his Knowledge and Experience for 38 Years ...
Fraser Allport is ... " The Total Advisor™ "
Contact Fraser today for your DROP Retirement Consultation
Thanks and attribution for the article to :
Rodney Brooks has written about retirement for USA Today, the Washington Post and TheStreet.com