Advice from a Wealthy Retiree - Retirement Planning Tips
Published May 28, 2023, 12:20 a.m. by Violet Harris
When it comes to retirement finance, there are a lot of things to consider. But don't worry, we're here to help. Here are some top retirement finance tips from a wealthy retiree:
1. Review your expenses and make changes where necessary.
One of the best things you can do for your retirement finances is to take a close look at your expenses. Are there any areas where you can cut back? Even small changes can make a big difference in your overall financial picture.
2. Make a budget and stick to it.
Once you know where your money is going, it's time to make a budget. Determine how much you need to live comfortably and then stick to it. retirement is about enjoying your golden years, not stressing about money.
3. Invest in yourself.
One of the best investments you can make is in yourself. Consider taking courses or learning new skills that can help you in retirement. Not only will this make retirement more enjoyable, but it can also help you stretch your finances further.
4. Live below your means.
If you want to be truly wealthy in retirement, it's important to live below your means. That doesn't mean you have to live like a pauper, but it does mean being mindful of your spending. Save now so you can enjoy a comfortable retirement later.
5. Have a retirement plan.
Last but not least, make sure you have a retirement plan. Work with a financial advisor to come up with a solid plan that includes savings, investments, and income sources. This will give you the best chance for a successful retirement.
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I got advice from a client recently that
in my past 14 years of helping people
retire I hadn't heard before so I want
to share it with you I went out with him
not too long ago and he's been retired
for about seven years and he told me he
had a group meet up with his buddies and
some of them are retired and some of
them are not but the topic of discussion
was retirement and they were asking him
for advice on how he did it because
according to them it seems like he's got
it all figured out now he's a humble guy
and he obviously knows no one's got it
all figured out but he did have some
really good ideas so I want to share
them with you by the way I'm Dave zoller
and I own a retirement planning firm
streamline financial and we specialize
in income planning tax planning and
investment planning but I'll get right
to the story so as we were at launch I
was asking him why do you think they
thought that you had it all figured out
and and what makes his retirement
experience seem so much better than
everybody else's or you know compared to
people who are not having that same
experience and some of the discussion
that we had at lunch was talking about
those three Essentials and he was able
to find all three but he also did
something before he retired a few years
before he retired that set himself up
for success and those three Essentials
by the way if you've seen any of the
recent videos then you probably have
heard of them and it's the three C's and
it's just creativity you know we're
creative beings we can create things
from ideas and and we got to be creative
at work when we were working but we also
have to make sure that we can continue
to create and be curious after work
because some of the happiest retirees
that I know they're the most curious
ones they're the most creative ones too
that was c number one uh the second one
is connection you know our closest
friends uh could be people that we've
been with between ages 25 and 55 or 60
during our working years our work
friends right and it could be quite an
adjustment all of a sudden when you're
not seeing them anymore it can take
effort to keep those friendships going
but you can also deepen relationships
with family with God or maybe new
grandbabies on the way that's connection
that's c number two c number three is
contribution
you know when uh when we're not able to
help others then there's something
missing in our life and our work helps
us help others right but we have to
continue that importancy after work ends
it could end up being contribution to a
cause or a charity or a person or a
group of people
um where we can use our knowledge and
our skill or maybe our money to help but
that's contribution those are the three
C's but there's something else that this
client who was given this advice said
that I didn't think about before and he
brought it up in this discussion so when
we were talking about contribution he
mentioned that he had started
purposefully finding time and using it
for contribution well before he had
retired actively found ways to serve and
help others with a small percentage of
his time his working time and as
Retirement came it was almost like a
natural progression that that percentage
that he was using to help others grew a
little bit and it wasn't like a brand
new life you know or sometimes
retirement can feel like it can complete
change and transition and shift but it
wasn't like that it was more of a steady
transition into this retirement life
that was filled with those three C's of
contribution connection and creativity
so the piece of advice that he had was
take time before you stop working to
just explore these three C's more
especially the contribution one don't
wait until you have free time in
retirement invest it now right take
quiet time to think about life in
retirement before you get there I've got
a video actually on prompts to help you
think about retirement before you get
there that should pop up on the screen
or be below so take some time in the
morning or whenever you have your best
think time and start exploring those
three C's whether you're retired already
or not retired it's worth the investment
I'm Dave zoller I hope that was helpful
and I'll see you in the next retirement
video
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