Tuesday, January 1, 2554

How could it be better than this withdrawal?

March 9, 2011 from John Comer, CFP ?


When you think about your retirement, what images come to mind? For many of us, myself included, the image of retirement is not very clear. We know how we spend our days now. For some of us, it is easier to imagine what we'll stop doing what it is to imagine what we will do. That bothers me.

I ran into a few people whose only retirement plan is to leave their job. A friend was counting the days until you can retire. The only problem was that he was ten years old days countdown. Someone else has accepted a job she hated because it paid more than other opportunities and was allowed to retire at age 55. Let's see, makes more sense to take $ 50,000 from a job that I hate for 30 years, so I can retire early or do work I love to $ 40,000 for 40 years? I wonder if their retirement planning moves beyond what they'll try to do long enough to plan what you will.

A friend Advisor spoke with pride on its success with a customer. The client had no intention to retire in only a few years, when their work was deleted. The Advisor has done a great job to assess the situation and find the ability of a retirement. I accompanied the counselor and asked how clients are spending their retirement.

"Watch TV during the day," was his reply sheepish.

That is how I do not want to spend my retirement.

Frankly, there is little chance that you spend my retirement in this way. I am self-employed and do not have any problems finding any activity to keep me busy eight hours per day (or 12 hours per day for that matter). One of the reasons that do not have a clear vision of my retirement is that I love what I do and can't imagine giving up my daily activities. How could it be better than this withdrawal?

My initial thought was that with all doing, all tasks, and I can not make enough goal setting and focus. Reminds me of the General Accounting Office report to the duplication of public services. In Government, we have too many people looking for ways to take action and not enough people looking at the big picture to see which agency should manage the business and how we should balance both our need to invest in infrastructure and training with our needon the other hand, for the private sector for the production of goods and services.

However, setting goals is a normal part of my job. Spend time working on my business ", and" to work in my work. "

Maybe my plans for retirement would become clearer and my desire to begin the withdrawal would become more intense, if I thought those goals differently. Suppose my picture to those objectives was establishing a legacy personal rather than a company. More generally, suppose my framework for those goals was to incorporate the objectives of my wife as well … perhaps giving some consideration to the objectives of my two children. As my strategies and tactics change?

For example, my wife wants to retire at the age of retirement "normal." So my assumption was that we could accommodate that reduce my hours a bit so we can travel and do some activities jointly. If you want to continue to promote lifelong learning, as she has in her career, we can find some ways to integrate that in my desire to improve the financial education. Speaking of our retirement goals and how we can improve our individual and common goals could be an excellent starting point.

How about your goals for retirement? As conversations with your loved ones their objectives would help to define your retirement? Let's find a way to retire to our business and retirement goals rather than retire from our jobs.

John Comer, CFP ?
Consultant
Comer Consulting, LLC
Plymouth, MN

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