The Pursuit of Prosperous Planning and Purpose

Tim Key, Financial Advisor

written by:

Tim Key
Financial Advisor

I celebrated my 50th birthday last month.

I still have a while before retirement but I’m quickly approaching what we like to call the ‘retirement red zone’.  This is when we are within 5 to 10 years of our retirement date, and the financial decisions we make become a little more important, when having a plan really matters.

Before talking about retirement planning though, I want to take a quick look back.  I am fortunate that even though I made a number of money mistakes along the way, I did a few things right.  I was blessed to have a mom who told me to start saving into my 401(k) as soon as I could, so I did.  I stayed consistent through all of the stock market’s ups and downs, even though it wasn’t fun to see my statement balances at times.  And I didn’t take on much debt, always trying to live on less than I made.  If you do these three things, you can also be well on your way to retiring one day, maybe sooner than later.

After 25 years of saving and investing, my goal now is to still grow my account balances but allocate them in a way that I limit the loss when the stock market does head south again.  Many of the people I work with every day are in that same place, some even more so as retirement for them is on the immediate horizon.  Having a retirement income plan in place is crucial.  We’ve spent a lifetime working and saving; we need to make sure we can maintain our dignity and independence throughout retirement.  So, what is that going to look like for you

We must have a planned purpose going into retirement.  At GenWealth, we tell our clients that you have to retire to something.  Oftentimes it’s travel, fishing, golf, or spending time with grandkids.  Knowing what you’re going to do with your time gives us as financial advisors an idea of how much monthly income you’ll need.  We see many of our clients pursue their true passions which could be a hobby or volunteer work that can really provide a lot of joy and fulfillment.  It’s unfortunate that so many people work their entire career at a job that they aren’t passionate about, but it’s fun to dream with someone about pursuing these things in retirement. 

I’m so thankful to be able to do what I do.  It’s exciting to be able to let someone know that they’ve saved enough to retire and leave their 40+ hour a week job behind.  Being able to help a client create a unique plan, put it into action, and manage the plan so they can live their retirement is very rewarding.  It’s like having your very own chief financial officer working for you, helping you decide what social security filing strategy to use, how to take distributions from your accounts to minimize taxes, and so much more.  It’s a privilege to help people with their finances.  Whether you’re just getting started or already in the midst of retirement, a GenWealth Financial Advisor would be honored to help you at any point along the journey.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.