Practices and games, PTA meetings, driver’s permits, orthodontist appointments, proms, graduation, college visits and applications. Life with teenagers is often a whirlwind. Just when you think that things will get less hectic, they get much busier!
And then one day it all just stops.
We are left with very quiet homes and much more room on our calendar. We’ve often been so busy over the years that some things have been ignored: pensions, portfolios, inflation, life expectancy, the role of social security, suitable withdrawal rates, health insurance and long-term care protection – all big questions that make helping your child complete college applications seem like a picnic.
A couple were referred to us for advice on retirement planning, wondering if they were on the right track. In the process of living life and trying to make sure they had made all the right decisions for their children’s futures; they had made few decisions for their own future together. Together we looked at their newly freed-up calendar, coming up with a retirement target date and an income goal. We analyzed future income streams, reviewed their portfolios and put together a simple plan of action. Through our analysis we were able to determine ways to adequately fund retirement. We also detected blind spots that could have caused big problems had the issues not been quickly addressed. With knowledge and a plan, the couple was able to move forward into the future, enjoying their time together and anticipating a new chapter in life.
My wife and I are thinking about the same things. Our oldest, Hailey, started her freshman year at Trinity University this past August. Emma, our youngest, just got her license – and is getting herself to school and tennis practice, going to every football game and experiencing that first bit of freedom we all experience as 16-year-olds. My wife Ginna and I have had much more time together as a couple. We have, in the last couple of years, been talking more about our dreams for the future. It’s a new feeling for us too – we’re experiencing some freedom we haven’t had in many years. With sound planning, we are excited about where the road will take us.
Click below to read an article entitled A Bucket Plan to Go with Your Bucket List. The article discusses one way to consider looking at how to position your money for two or even three decades of retirement.
The story is presented for illustrative purposes only and should not be deemed a representation of any other client experience. 10/19