What is next? Most want to live a Happy, Epic, Hallmark™ type life. We strive for a balanced work life,

healthy lifestyle, saving money and finally enjoy retirement. It all begins with planning for the ideal

timing to select a date to turn in your keys, clean out your desk, queue for the confetti and celebrate

your freedom of time. Most are searching for ways to find enjoyment and seeking to gain clarity and

confidence. Here are four planning tips to help you be prepared by eliminating unpleasant surprises and

potential pitfalls.

  1. Assess the Dangers to eliminate.
    • Freedom of Money – Reduce the fear of Running out of money – Determine how much money you will need. It all starts with a Budget. This will be important for planning as well as the income from different sources in order to achieve your income needs.
    • Assess your Health, is the bar too low? Is your lifestyle increasing or lowering the bar and your ability to do what you are retiring to do? Get a medical evaluation and consider a healthier lifestyle.
    • Not being on the ‘Same Page’ Page™ with your significant other. Many couples are not on the same page and have completely different visions on how their freedom of time, money, purpose and relationships will be spent. Have these discussions early and often. This is what creates Gray Divorce.
    • Age and stage of life differences between spouses. Couples with big age gaps should craft their financial and retirement plans to accommodate the partner with the longest life expectancy. There will be implications for distribution-withdrawal strategies, asset allocation and risk tolerance and Social Security Maximization filing.
    • Uncertainty about things you enjoy doing beyond work. This can be especially challenging for workaholics, entrepreneurs and other professionals whose identity is tied to their career such as law enforcement and medical professionals.
    • For business owners, what is your succession plan? Do you have a successor? Will you phase out or sell your business? Having a 100-day Succession Plan™ for your business on the things to be done in your absence will help clean up your messes and organize the important aspects of running your business. This will include written processes.
  2. Embrace the Opportunities available.
    • Freedom of Time – What will you do with this newfound time? Commit to explore, think and do those out of the box activities you wish you had time for before. This may include traveling, pickleball, golfing, fishing, hunting, dancing, gardening, babysitting, opening a small business or Retirement 2.0 and working part time.
    • Freedom of Relationships – time to catch up, spend time with family and friends and build new friendships to last a lifetime.
    • Clean up your Messes. You will now have time to get your filing system and estate planning documents in order. Organizing your Important Documents in your My When File™ for emergencies, illness, and death.
    • Delegate the things you don’t enjoy doing or cannot physically continue to do.
  3. Maximize your Strengths.
    • Freedom of Purpose – time to enjoy volunteering, being a role model, influencing others, coaching, and mentoring – whatever brings you a sense of purpose and unique strengths.
    • Learn more about yourself. Read, learn your top strengths by taking Clifton’s Strengths Finders Assessment, and listen to podcasts about topics you enjoy.
  4. Create your Retirement Action Plan™:
    • Pick a date to Retire. This will be the date to evaluate the math and logic of the plan to finalize transition.
    • Evaluate and Test the Plan. Work with a Fiduciary who specializes in Retirement Planning to assist with testing your current plan including your Amount and sustainability of your Income Plan, Allocation and Risk of your Investment Plan, Smart Tax Plan – paying the least amount of taxes legally possible, Health and Long-Term Care Insurance Plan and Legacy Plan. Ask what is working well, what you need to continue doing, what you need to stop doing and what you should start doing?
    • Develop a Retirement Transition PlanTM. Set the countdown clock on your phone. Test your plan for living off your retirement income budget and save the excess for a transition fund.
    • Ready, set, go – Enjoy Retirement, enjoy confetti moments, both big and small, and create a bigger, more impactful future than your past.

This material is provided courtesy of Jacquelyn R. Campbell/ Campbell & Company, Wealth Advisors & CPAs and contains general information to help you understand basic financial planning strategies. Investment advisory services offered through Market Guard™, a SEC Registered Investment Advisor CRD # 153241. Campbell and Company and Market Guard™ are not affiliated. Opinions expressed are subject to change without notice and are not intended as investment advice and are the opinions of Campbell & Company, Wealth Advisors & CPAs and it’s officers.