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It doesn't take the "Luck of the Irish" to get a handle on your finances. There is nothing wrong with looking for that Pot of Gold at the end of a Rainbow, either. Growing up with a father knicked named "Eagle Eye," he often came away from any walk with a found treasure in his pocket. Many of which were green or silver. Unfortunately, such luck isn't going to make up the gap in shortfalls in 401K's or pension in retirement. Or will the occasional found five-dollar bill make up the difference of retiring at 65 or 67 vs. 70? Times are changing, and so is our retirement planning.
We encourage clients to review their anticipated Social Security Earnings if they are approaching retirement age and reviewing their budgeting in life after retirement. Are you still paying a mortgage? Can you afford to in retirement? Does it make sense to downsize, move to a condo? What does that look like on paper - exchanging home maintenance for possible HOA fees? Does downsizing include the extra car? Should it?
If married, how in the know are you about each other's debts? Do you understand what you are liable for if a spouse dies? Are you helping your parents or supporting them? Are you helping your grown children?
All good reasons to take a new pulse on your budget and re-examine long-term goals. Planning is vital for filling your toolbox with as much information to make sound retirement decisions that work for your budgeting needs. This month's March Seniors and Money Newsletter has you covered, and we are always standing by to make sure you've checked under that rug, behind that door, and reviewed all your financial tools to make following that rainbow worry-free.