The Unexpected Retirement: Planning Beyond The Finances

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When envisioning retirement, many of us picture a phase of life marked by relaxation, travel, or pursuing long-held passions. The financial aspects are often our sole focus and the reason so many continue working…worried that their savings balances are not high enough or wondering how they will be able to cover the escalating costs for healthcare…leaving many to feel like they will have to work “forever.”

When “suddenly single” women find themselves unexpectedly managing their own finances following the passing of a spouse or a divorce, it is important to focus on their goals and plans for the next phase of life. While it is critical to ensure that one has enough money to last, it is equally as important to plan how you want to enjoy your remaining years. Unfortunately, many aren’t having these critical goal-setting and lifestyle-planning conversations as they plan for retirement.

Here are a few ways to start these essential conversations with yourself, family, friends, and your financial advisor:

  1. Identify Your Retirement Vision: What does a fulfilling retirement look like to you? Is it volunteering, starting a new hobby, or perhaps continuing education? Define what brings joy and purpose to your life.
  • Consult with Professionals: Even if you’re accustomed to handling your finances, a financial advisor may be able to provide you with new insights to align your financial strategies with your retirement dreams. Oftentimes the most rewarding conversations with clients stem from goal planning versus reviewing a portfolio’s performance or allocation. At the end of the day, our goal is to ensure that your investments support your envisioned lifestyle.
  • Set Clear Goals: Define both financial and personal goals. What milestones do you wish to achieve? Whether it’s buying a lakeside cottage, traveling to new destinations, or funding a grandchild’s education, make these goals an integral part of your financial planning.
  • Plan for the Unexpected and Get Educated Now About Future Retirement: Unforeseen health issues can derail even the most thorough plans. Incorporating health care strategies, insurance, and an emergency fund can safeguard your finances and independence. Unfortunately, many of my clients fear that they will not be able to afford health care in retirement and count the minutes until they turn 65 to start Medicare. We begin these conversations years before Medicare starts and use cash flow modeling to analyze monthly spending and anticipated healthcare expenses in the coming years.
  • Engage in Life’s Next Chapter: Retirement is not the end of an active life but the beginning of a new chapter with both freedom and responsibilities. Embrace it with a plan that reflects your values and aspirations. One client recently told me that she’s entered “rewirement” since she’s active, intellectually bright, experienced, under 65 and social, and eager to build a community of like-minded women beyond the walls of her employer. This client wakes up daily to embrace “Time for Myself.” As a mother and daughter, she was constantly putting others first, bouncing between her now adult daughter and her aging father.

For many, especially those recently finding themselves managing their own finances, the idea of planning for retirement alone might seem daunting. Yet, with the right guidance, tools, and a clear understanding of not just the “how much” but the “why” and “what for,” it becomes not just a possibility but an exciting new venture into a well-deserved phase of life.

To learn more about aligning your financial strategies with your life’s goals, or if you need assistance starting these conversations, visit homrichberg.com, email us at info@homrichberg.com, or call 404.264.1400. Your retirement should be as vibrant and fulfilling as the years that got you here.

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All information is as of the date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg nor any affiliates make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

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Tricia Mulcare, CFP®, CPA, PFS

Principal

Tricia joined Homrich Berg in 2003 and is a Principal of the firm. While Tricia works with a wide range of clients, she has a particular passion for working with women (older, single, widowed, and divorced). Tricia enjoys speaking with groups about the lessons she has learned after years of working with women who have navigated a recent transition and find themselves "suddenly single".