fbpx Skip to main navigation Skip to content

Considering Retirement: So much of financial planning has to do with life’s headlines—buying a house, getting married, having kids, saving for retirement, helping our kids with college or weddings. Our lists can get long quickly, but the thematic thread through them is this: the people. For most of us, maybe all, we think about our wealth in terms of how we can use it for connection—with our spouse, kids, and others. In 1938 Harvard researchers embarked on a study that continues to this day to find out: What makes us happy in life?

Men and women entering their mid- and late life were asked about retirement. Based on their responses, people’s number one challenge in retirement was replacing the social connections that had sustained them for so long at work. Yes, financial concerns, health problems, and caregiving are all important topics—but the study found that those who fare best in retirement find ways to cultivate connections.

If you find yourself in that almost-to-retirement phase, here are some questions to consider:

  1. Who are the people I most enjoy working with, and what makes them valuable to me?
  2. What kind of connections am I missing that I want more of?
  3. Is there someone I’d like to get to know better?
  4. Is there a way I could spend my resources differently in favor of the people who matter most to me?
  5. Is there a way I could give my resources away in favor of the people (or causes) that matter most to me?

Finances and Long-Term Care: Advisor Glen Gangewer read an article recently that got him thinking about preparing our finances for the potential and likelihood of our long-term care. It’s not a topic we like to think about. But when we consider your plan, it is an important part. Here’s what Glen had to say:

“The reality of someone turning 65 today is that they have almost a 70% chance of needing some type of long-term care in their years remaining to assist with performing everyday tasks such as eating or bathing (the six activities of daily living). As we age, this need for long-term care can be financially draining and physically and emotionally for the individual and their loved ones. A typical age to start these conversations is in your mid 50’s so that you and your family can begin to map out your intentions and desires for care, including the costs associated with the various care options and what options are available for the payment of these services.

The options for ongoing care are numerous: Homemaker support, home health aide, adult day care, assisted living, and skilled nursing care. Additionally, some retirement communities offer these services in a continuous care community. (According to AARP, there are about 1,900 continuing care communities nationwide.) There are also retirement communities that include these as part of an additional services buy in, while others are charged as additional fees as needed along the way.”

Talk with your advisor to walk through your options for the road ahead. The sooner you begin to plan to address these needs, the better.

As many know, a lack of planning can lead to serious consequences for you and your extended family.

The Importance of March:

  • March 1, 1961—President John F. Kennedy established the Peace Corps.
  • March 20, 1852—Harriet Beecher Stowe’s Uncle Tom’s Cabin is published.
  • March 10, 1862—The first issuance of U.S. government paper money.
  • March 20, 1854—The Republican Party of the United States is organized in Ripon, Wisconsin.
  • March 20, 1915—Albert Einstein published his general theory of relativity.

And so much more (The Boston Massacre, FDR took office, the first meeting of the new Congress under the U.S. Constitution, Bach was born, and so was Alexander Graham Bell)! It’s fascinating to look back and consider what others experienced in a random March during their lifetime. What else did we miss? Your March birthdays aside!