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:
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.
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).
Pick up your cell phone. If it's a few months or years old, try to remember when you first bought it. How shiny and light and scratch-free it was. How excited you were to sync up your accounts, take pictures and videos with the new camera, or play some games.
And now? Be honest -- it's just your phone. You might not be able to get through a day -- or an hour -- without it, but even if you've kept it in good shape the shine and the newness are gone.
That's due to a phenomenon that psychologists call "hedonistic adaptation." Over a very short period of time, the things we buy just become more things that we have, and that initial bust of happiness we feel when we crack open the box returns to the baseline.
On the other hand, buying experiences tends to create happiness that sticks with us, reverberates with our loved ones, and improves Return on Life. Here are three reasons why:
Very few people love everything about their jobs. But even if you're someone who just clocks in and out for a paycheck, wouldn't it be nice to get a little more Return on Life from something you spend 40+ hours doing every single week? Whether you're looking into a career change or trying to reframe how you think about and perform at your job, here are four reasons to whistle while you work:
The demands of being a C-level executive can be so overwhelming that you might feel like you're "on call" even on your rare days off. If you're struggling to unplug from your work, perhaps you need to make more purposeful investments of time and energy into your hobbies. Adding some creative relaxation to your routine could help you make three big improvements that could reduce burnout and boost your Return on Life.
There are a variety of viewpoints on how social media influences our society - both good and bad. After all, some people are spending hours a day on these platforms and we need to be aware of their impact. From our vantage point, we’re paying close attention to how these networks influence our clients’ spending, saving, and investing habits.
