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True Wealth–

Embracing the Benefits of Volatility

Iwas reading an article last week about the positive impact that volatility can have in our lives versus our desire to have everything predictable, consistent and reliable. As I related this article to how people view their transition to their post-employment years, I asked myself if maybe it is the mundane that, deep down, worries people most?”

Years ago, a recently retired individual told me that he had looked forward to retiring so that he could pursue his love of the game of golf every day, but once that reality happened, his passion for playing every day waned, because, as he said to me, golf was more fun when it was an escape from the work day. Being able to play whenever he wanted took much of the thrill away.

What if one of the things we miss the most about our working years is the somewhat random and unexpected events of each day— the unpredictable potential of each day? How does True Wealth, measured by experiences accumulated/people we meet, get fulfilled if every day is the same?

There is merit to finding ways to bring some uncertainty and mystery back into your day. This month’s issue may offer some ideas as it highlights the Lake Norman area towns and historical locations, museums, and plantations. What do you know about the area you live in? Is this an opportunity to explore your own community or find different types of social events? Is it time to try a new sport or exercise activity? All examples that can help balance predictability of life with a jolt of new energy.

If you change the word volatility to variety, would it be easier to embrace? Would the potential thrill of victory be a reasonable reward to the possible agony of defeat (thank you ABC Sports for that phrase)?

Embrace your life journey with a little unpredictability as you build your bucket of lasting memories. It will help make your retirement years a meaningful and fulfilling part of your life story.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor, Member FINRA, SIPC.

Jeffrey Karp, CLU®, ChFC®, CASL® founder of Karp Financial Strategies and is a registered representative of LPL Financial. More information and his blog, Permission GrantedSM can be found at www.karpfinancial.com. David Hedges, CWS® is the owner of Bookman Bright, Inc., a registered investment advisor. You can reach him at (704)256-6016 and david@ bookmanbright.com.

Ramp Up to Retirement

If you’re within striking distance of retirement (let’s call it 5 years or less), you probably have an increasing amount of issues on your mind. If you’re within 1-2 years, you DEFINITELY have a few more things on your mind. But don’t stress yourself out over it. Take a piece at a time.

Let’s take a quick look…

First, you’ll need to gather up all your “stuff”. I refer to this as the first part of my IOU system: Inventory, Organize and Understand. So first, inventory everything and that includes all investment accounts, insurance policies, real property, debts…essentially your balance sheet.

Next, organize it. I have a fancy software system that I pay big money for that I use to inventory and organize things but you can easily do what needs to be done on an Excel Spreadsheet.

After you’re finished organizing, it’s time to understand what you have and how it fits into what you’re trying to accomplish. This is probably where you would seek some professional help from a person like me if you didn’t want to go it alone.

Now there’s a lot of considerations along the way that include but are not limited to titling of assets, beneficiary designations, estate & elder law planning, Medicare enrollment and various choices, Social Security claiming strategies, etc. The list goes on.

The bottom line: start getting familiar with some of the moving parts you’ll need to know for a successful retirement. The unknown can be stressful and the more that you get familiar with it, the better you’ll feel. And lastly, feel free to drop me a line or email. I’m happy to field some questions.

BEST OF LAKE NORMAN CURRENTS AWARD

2021