Many nearing retirement focus on investments, but a Life-Centered Financial Plan covers key "What If?" scenarios often missed. Review income sustainability, healthcare costs, and legacy goals with your advisor for complete security.
The next time you meet with your financial advisor, review how your plan handles these three important areas:
A mini-retirement is a planned, intentional break from your normal work schedule that can help you recharge and rethink your career trajectory.
Your mini-retirement might mean downshifting to a four-day work week. It could be an extended stay-at-home vacation. Or it could be a longer break from work, like a sabbatical. Older workers who are nearing the "traditional" retirement window might also use mini-retirement to test drive their vision of what life without work will be like.
Use this three-step process to plan your mini-retirement and make the most of the experience:
According to a recent poll of 2,000 U.S. adults, "financial independence" equates to earning $94,000 per year, or about $20,000 more than the median income in 2023.
Some folks might feel like they're just a promotion or two away from achieving that kind of independence. Others might not feel like $94,000 is enough to feel truly free. And still others might wonder how they'd ever spend that much money in the first place.
That's because true financial independence isn't a number. It's feeling confident enough in your money to do things that will improve your Return on Life, such as:
You have a steady job that pays the bills and puts your abilities to good use. You have loving relationships with your spouse, your children, extended family, and close friends. Your house provides enough space and security. Your golf league gives you a chance to unwind. Your volunteer work improves your community.
The specific details might vary, but most people would consider this scenario the basis for a pretty good life. Yet many of us who do check these boxes often feel like there's something missing.
A fascinating new study published by Affective Science asked nearly 4,000 people from 9 countries what kind of life they wanted. The results suggest that there's an important dimension to improving life that many of us may be overlooking.
School is out, and perhaps your college graduate is trading in the dorms for their old room - back at mom and dad’s house. The rising trend of adult children moving back in with their parents—often called “boomerang children”—is reshaping family life and financial dynamics. Driven by high housing costs, inflation, and mounting student debt, this arrangement can provide a much-needed safety net for the child, but it can also create challenges for the household. The following tips can help you support your children while maintaining healthy boundaries.
As your college graduate prepares to move into a new phase of their adult life, one thing they probably don't need is more stuff to move. Parents can still commemorate their child's achievements with less-traditional gifts that won't take up space in the moving van.
Including, of course, cash.
But before you stick a check in a greeting card, consider some alternative ways to celebrate your grad and also set them up for success.
According to one popular rule of thumb, retirees should be able to withdraw 4% from their retirement accounts every year to live comfortably and not run out of money.
Another number you might have seen floating around social media is $75,000, which, according to some experts, is where annual income and peak happiness intersect.
Many other retirees have their own number in their head that they want to "hit" before they stop working. But do any of these figures really equal "enough" in retirement?
More than any dollar amount, having "enough" to retire is about feeling confident that every piece of your financial plan is aligned to sustain your Return on Life (ROL) for decades to come. Start making your own calculations by thinking about these four key categories.
In his classic business book "The 7 Habits of Highly Effective People," Stephen Covey encourage folks to draw strong distinctions between "Circles of Concern," "Circles of Influence,” and "Circles of Control."
You might be feeling like 2025 is already filling up your "Circle of Concern." From changes in Washington to wildfires, from global conflicts to bumpy markets, we've all experienced some significant ups and downs that could affect our lives, work, and finances for the rest of the year.
But while none of us can prevent a natural disaster or stabilize tech stocks, we can use Covey's system to reframe our perspective, refocus our energy, and improve our Return on Life.
Much like the arrival of spring, retirement can be a time of fresh starts and new beginnings. Navigating this major $Lifeline transition can also give retirees an opportunity to "spring clean" more than just our overstuffed closets and garages. Retirees can clean out the things in life that no longer bring them joy and make room for more growth, more fulfillment, more memories, and more Return on Life.
Start by looking back on your career and identifying what you liked most about your job. Then, think about how you can clear away the things that made work feel like work, such as:
The most impactful investments tend to be those that we make consistently over time. When we stick to a plan and keep checking off the items on our to-do lists, our efforts compound and build towards the results that we want.
Think about how being consistent in these three areas could help you achieve your long-term goals and improve your Return on Life (ROL).
