Considering that nearly 10,000 Baby Boomers turn 65 everyday, it’s no wonder that the start of a new year seems to create a great deal of interest about whether “Boomers” are ready to take on retirement. Think of 65 being an exit sign on the road. If you approach it too fast or recklessly there are consequences. The fact is America is in the midst of a retirement crisis, and many people are in danger of driving past the exit without their retirement dreams on board. That would be a shame.
After all, 65 is the age most associated with retirement and people have a sense they have reached a milestone. It’s like a destination. The thought is there should be something at this point in life that says, “you’ve made it”. Time to take your foot off the gas.
The feeling is quite natural. At age 65, most people I consult have lead a full life of ups and downs, stops and starts. Opportunities gained and some lost. They have had good jobs and bad ones. Worked for some great organizations and others that were less than stellar. Lived through the best of times and survived phases they would rather forget.
Most important, families and trusting relationships were born and nurtured over those years. All the while, the natural progression of “Father Time” continues to dictate their expectations for health, wisdom and personal conviction. The conviction to end up at the destination where financial independence is possible and a place where you are “ready” to support your retirement dreams.
As I work individually with clients or travel this country to speak broadly about retirement and financial legacy planning, I am always surprised how many Baby Boomers have not recently reviewed their financial plans with a Certified Financial Planner. It could be as simple as understanding the opportunities associated with the new tax laws or having fresh eyes look at your portfolio’s risk assessment to see that it reflects your present situation.
Take a moment now and ask yourself if it is important to be ready for retirement and if so, how do I get there. You’ll find the answer to both these questions with the help of a Certified Financial Planner.
It’s Your Life…Plan for It.
Eric D Bailey is a registered representative of Lincoln Financial Advisors Corp. Securities offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC). Investment advisory services offered through Sagemark Consulting, a division of Lincoln Financial Advisors Corp., a registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies Bailey Wealth Advisors is not an affiliate of Lincoln Financial Advisors Corp.