they should retire, and they wonder if they will be able to maintain the same lifestyle when they do so. Amadei says she was definitely one of those people who thought, “Can I really do this? Can I really retire early?” Amadei wanted to feel secure in her decision to retire early, so she sought out the help of a financial planner to help answers these questions. She looked to Kathy Allen, owner of Allen Investments in Grayslake, to see if retiring at 55 was the right choice for her. Allen’s company is a full-service investment and tax firm that offers a wide range of financial products and services, retirement planning, tax planning and tax preparation. Allen herself is a certified public accountant and a certified financial planner.
Planning Your Retirement
Allen says most people retire at the age of 66 because that’s when Social Security benefits start kicking in, but some people do retire early. Amadei, for instance, had a government pension and took voluntary early retirement, but Allen notes some people have to take involuntary early retirement because cutbacks at their employers compel them to retire earlier than they had planned to. When Allen advises clients on their future
LakeCountyMagazine.com
“It’s my time to relax.” Barb Amadei,
retired after 35 years with a Lake County government office
retirement, she first tells them to ask 5 Amadei consulted with Kathy Allen of Allen Investments to guide themselves, “What her in her retirement plans. Photo by Candace H. Johnson do you want to do during your retirement? How do have a tendency to go a little overboard with you envision your retirement?” the celebrating. One tip she offers for making After Allen’s clients have a good idea about retirement a successful adventure is not to get how they picture themselves spending their too carried away. retirement years, they need to ask themselves, “Be sensible, but do enjoy yourself,” she “How much is it going to cost?” From there, says. “After all, it is your retirement.” they should consider all of their income When Amadei was working, she says she did sources such as their pension and 401(k) her job well and was accountable to that job. retirement plans, and then set up a realistic But now that she’s retired, her concerns have budget and stick to it. changed. Allen says when some people first retire, they “I’m accountable to me now,” she says. lc
October 2012 • Lake County Magazine
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