2 minute read

Who Is Thinking of Retiring?

by Bryan Wild

After working in reverse mortgages for 22 years, I find there are two groups of people. People who can’t wait to retire and people who want to work forever.

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Although he would say otherwise, my father is the latter. At 76, and after years of doing a physically demanding job, his body finally forced him to retire. Although he has been talking about retiring for years, I am not 100% sure he planned his retirement out.

That is the thing about retirement. You have to plan for it. Both long term and short term.

I recently sat down with him and went over his retirement. I realized he had planned it years ago by completing the important longterm goals. He had a single level house that was prepared for senior years, he had his health plan in place, and he had discussions with a Financial Advisor who informed him of his assets. And that's about where it ended.

I sit down with lots of seniors and I realize that he is not the only one in this situation. When planning for retirement, you need to make short-term goals, too, preferably meeting them a year or two in advance. The goal? Having a comfortable retirement that will last beyond the age you actually think you will live to. Comfort is the goal.

It all starts with a budget. Write out a budget. Physically get a paper and pen and write down your retirement income. You will have a good idea what your retirement income will be. This is where everything starts. Then look at your bank statement and see what “actually” goes thru your bank account. I promise you it is different from what you “think” you are spending. How far off are you? In an effort to help align these numbers, you must think a short time ahead. Some simple planning will help tremendously in the long run.

Flexibility

The key to a good budget is the ability for it to be flexible.

Anticipate when you think you will need certain expenses, like traveling nurses and when other expenses go away like car payments. Like most things in this world, you will need to re-visit this budget as life unfolds. Don’t be scared of a budget. A budget can be the reassurance you need to let you know you’re on the right path.

Car Payments

Time large purchases that require payments to end prior to retiring, specifically cars. The average car payment is well over $500 per month. Hopefully, you have a car that will be conducive to retirement. An Escalade or dully truck looks great, but are not retirement friendly. With today’s gas prices, these types of vehicles will burst a budget; even if you have it paid off. You want a “last” car. Good gas mileage, reliable, and easy to get in and out of.

Credit Card Debt

Do not carry credit card debt into retirement. Period. Credit card interest is a budget killer. Today’s inflation is bad. Credit card interest only gets worse during high inflation. Cards can easily get continued on page 14

This winter I’m looking forward to getting together with my “extended family” once again. Who are they and why should you care? “They” are the staff and my fellow skiers at the Sierra at Tahoe Winter Resort.

The “family friendliness” or “family vibe” began way back in 1945 when the Barrett family started Sierra Ski Ranch. The current staff at the resort still goes out of their way to infuse this atmosphere into their operations and the customer experience. As long as general manager John Rice has his way, this will continue indefinitely. He has

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