Summertime is the magical season that erases almost all our desire to focus on finances. It’s hard to think of the details when there’s so many wonderful distractions. We are with you in this … every day the sun keeps ours eyes wandering outside the office thinking of an excuse to run an errand or two. And just like the seasons in northern Michigan cause us to focus on different priorities, there are different seasons in life that force us to think about finances differently.
We’ve been doing something in the hopes of helping you. We’ve been talking about how to have “the money talk” with your adult children as beneficiaries. In doing this, however, we made a huge assumption: that your kids were ready for this discussion. If it turns out that your hard work to “button things up” has backfired by their resistance, tune in to this episode. There are both emotional and logistical reasons they aren’t ready.
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Dennis J. Prout, CFP®
They told you that time would go fast and that it would gain speed with age. Here you are, so many years later realizing that this is true.
St. Augustine said, "The future is the logical conclusion of decisions made in the present day." He couldn't have been more right. In hindsight, you would have saved a little more, worried a little less and taken more time planning for this moment - your retirement —or, as they say, your "golden years."
There are two things weighing heavily on your mind:
The first: Did you save enough during your working years? Not just save, but did you plan appropriately?
The second: Will you have enough to live on for the next 20 to 30 years? Can you maintain your financial independence?
Speaking of independence…. you start to think of your children. They are grown and have their own families and responsibilities. You love them but you don't want to be dependent on them. You'd like to leave assets to them if you can, but you'd rather see those go to your grandchildren. Will they appreciate it?
Your mind wanders to the million little decisions made along the way. There are so many details to consider when you assess a lifetime of discipline and hard work. Oddly enough, you realize that retirement planning is the only plan where you start from an unknown end date and work backward - to now. Future you, I suggest you use hindsight as foresight. Remove the mystery and replace it with a plan. After all, who wants to spend their retirement catching up? Unless, of course, it's with old friends, family and those little ones who have your heart.
Sincerely,
1040 E. Front Street & Traverse City, MI 49686 www.proutfinancialdesign.com
(p) 231.947.3992 (f) 231.947.3995 (tollfree) 800.968.2588
Advisory Services offered through Capital Asset Advisory Services, LLC, a Registered Investment Advisor.