Elizabeth Hamilton-Guarino
Discover How to Be Your Best
How confident are you about Retirement
by Katana Abbott on November 10th, 2015

Last week, my husband and I met with our financial planner, John Dankovich.  He is one of the partners at the firm where I provide financial planning and investment management for my clients.  Yes, even though I am a Certified Financial Planner, I still have my own advisor. It keeps my husband and me disciplined.  I am a big picture person and John is the detail person who does the number crunching.  We make a great team, so we also work together with my own personal clients.
 
Having a trusted advisor is one of the very best gifts you can give to yourself.  As a Wealth Coach, I can help you with both the big picture and your game plan.  So often I hear of advisors just looking at the investments or just the insurance.  Comprehensive financial planning can include many areas of your life:  financial position (where you stand now); goals like education, starting a business, and retirement; plus taxes, insurance, estate planning, and your legacy.
 
A great financial planner will ask you to create a detailed budget, asking when certain expenses end, decrease or increase — like college expenses, health insurance costs and medical out of pocket, home improvements and maintenance, and even downsizing.  They will use these numbers all through your analysis, and calculate how taking your Social Security and pensions at different times will affect your nest egg and amount you need to save today.
 
My husband is eligible for his pension at 55 and wants to compare retiring at age 55 to age 65.  I think he will find it eye opening at the least.  There is magic to knowing these numbers.  When you look at your retirement plan, do any of these apply to you?
 
You plan to work forever;
You haven’t opened your statement since the market crashed in 2008;
You left or lost your job, dipped into your 401K and may have even paid taxes and penalties on it;
You aren’t saving anymore or don’t even have a retirement plan;
You have never seen your Social Security estimate;
You don’t understand your pension and benefit statements or even know where they are;
You’re paying so much for your kids college, there is nothing left for you to save for retirement;
Your kids have moved back in after college — enough said;
You have run up credit card debt and college loans and are trying to pay them off first;
You lost a big chunk of your savings in the 2008 market crash, never got back in and are afraid it’s too late;
You are hearing that the stock market is too risky and that bonds are even worse right now;
You are putting all your money into real estate;
Your best investment is your business, so you have everything tied up in that and just pray you don’t get disabled;
You have no idea where to start or how much you will need anyway.
 
If you answered yes to any or all of these, then you are not alone.  In a recent “Retirement Confidence Survey” conducted by the Employee Benefits Research Institute they asked "How confident are you about Retirement?”  The results were as follows:
 
  • American workers are more pessimistic about their ability to retire comfortably than at any time since the survey began about 20 years ago. 
  • About one‐third of workers tapped their retirement savings to pay for day‐to‐day expenses during 2010 and many of them didn’t have much saved in the first place. 
  • Just 59% of workers are currently saving for retirement and one‐half of them have less than $25,000 tucked away. 
I believe that “work” is the New Retirement Solution, and so do more and more baby boomers who are looking at their options.
 
In a June 2008 Associated Press survey, it was reported that 78 million baby boomers are approaching retirement and that 66 percent of these individuals expect to continue working after “retiring” to supplement their pensions, Social Security and savings.
 
In a recent Gallop Poll – that number is now up to 80%.  Most plan to work part‐time, although some say they may need to work full‐time just to make ends meet. 
 
The silver lining, according to Lifescience.com people who continue to work during retirement often experience better health than those who don’t work.  As long as the work remains low stress, retirees who labor are less likely to suffer from major diseases such as cancer, high blood pressure, and cardiovascular disease. They are also less likely to become depressed.


This is great news…because I see many of us continuing to work by doing something we absolutely love. I call this Retiring To Something — Not From Something. I believe that this new retirement for most of us will consist of a simpler lifestyle with less consumerism and working at something we are passionate about.   If my husband does want to retire early, we will have the numbers, and it will include going through this process…and I am sure it will include Costa Rica, Panama, and golf!
 
This certainly is a different retirement than our parents; things have changed dramatically over the last two decades.  Most of the clients I work with are interested in working in retirement not only for financial reasons, but to continue doing something meaningful where they are utilizing their unique abilities, life experiences, and making a difference in the world.
I see us doing this into our mid to late 70’s.  Look around you and you will see many vibrant 70 year olds doing amazing things and having fun.  Remember, we will probably end up living into our late 80s and 90s. 
 
The secret is creating your plan now and then taking action.  This is the first of an ongoing series that will help you create that plan.  Please make sure you don’t miss this series found at: www.smartwomenscoaching.com.  Share this information with your friends and they will receive: 
  • my free video course designed to increase confidence and wealth;
  • our weekly ezine and radio shows; and
  • 100 days of inspirational quotes from women. 

Your exercise today is to “Find Your Stuff“.
 
Pull together all your savings, investment, 401k, IRA, pension and Social Security Statements.  Don’t delay.  Please do this now before you forget.  Once you pull all of this together, your next goal will be to find a good financial advisor that you can trust.  Feel free to reach out to me at www.talkwithkatana.com.
  
Coach, contributing author of three books, and host of Smart Women Talk Radio with over 800,000 subscribers.  

 Rising from a life of poverty, Katana knows too well the struggles of trying to achieve financial security.  At the age of 48, Katana sold her million-dollar financial planning practice to launch the Smart Women Companies™ and Midlife Millionaires® where she offers private wealth coaching, group intensives and transformational retreats to Costa Rica and Panama.

She is the creator of the Six Pillars of Awakened Prosperity™, the proven step-by-step system showing you how to create wealth, make a difference and live a life you love.  To access your free video series on Money, Mindset and Manifesting and join her free Smart Women Community visit www.MidlifeMillionaireSecrets.com now!


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