One of the scariest things for many baby boomers when it comes to retirement is not having a scheduled paycheck hitting their bank account from their employer on a regular basis, especially if you haven’t been working with a good, proactive financial advisor. Will there be enough cash coming in that you can continue to live life as you have been when you were working? Should you learn to live on less for now, just in case something unexpected comes up in the future or are you in a better position now to spend a little more than you normally would?
Let’s face it, thinking about retiring and not having to get up every morning and make the daily commute to your job (unless you choose to) sounds pretty great while sitting in rush hour traffic. However, once that retirement date is set and the reality sets in that your employer isn’t going to be depositing that paycheck can be pretty daunting. But aren’t there online financial calculators that you can use to find out if you have enough money? Sure, but the main problem with those is they run on simple algorithms that don’t consider what is important to you to fund, not to mention that it’s easy to input the wrong numbers and get a highly inaccurate and possibly disastrous answer that you count on. What about the cost of insurance premiums, the cost of replacing your car, healthcare, and what about the fun stuff in retirement like vacations and new hobbies? You may be able to pull income from your Social Security benefits, but is it in your best interests to take it early? Getting the answers to these and other questions you may be confused by can be absolutely mind-boggling if you don’t have help from a qualified wealth manager.
This weekend on America’s Wealth Management Show, Bud and I will be talking about ways to help generate the cash flow you need so you don’t spend your retirement worrying about running out of money, plus a lot more! Don’t miss it!
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Investment advisory services offered through Barber Financial Group, Inc., an SEC Registered Investment Adviser.
The views expressed represent the opinion of Barber Financial Group an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Barber Financial Group does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.