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Hello
I'm asking this question as in the last yr I met twice with a "retirement planner" ( which was offered through my job) and apart from the usual investing/stocks talk they kept asking me about retirement goals.
When stated my goals are like follows
1-be in the best health i can be so i can take care of my grandkids
2-live close to my kid and siblings
3-maintain a modest house and have a paid off car
4-Maximize my SS benefits
The financial planner got condescending and tried to make me feel guilty for aiming too low and not enjoying my "golden years" and was really surprised that I did not want to travel and see the world.
Now I'm 40 and So I'm assuming ( if I'm healthy enough ) I will work full time till 65 yrs of age. I travelled a bit in my younger yrs and still I have a couple of places I want see in my life ( but Ive already saved for it and have a definite timeline when to visit them and it will be well before I'm 55).
I feel like not everyone had a wanderlust and not everybody wants to hang out in a beach resort with a margarita all day and go gambling.It seems to me that the planner was about to pitch me some unscrupulous retirement plan /managed funds, and was wooing me by presenting this rosy picture of retirement .So I got a little snippy and left.
But it got me thinking am I underestimating or not anticipating a mid-life crisis or retirement blues that seniors face and that is why they travel so much ? or is it just highly variable ? And thoughts , ideas appreciated
p.s My parents unfortunately did not save much for retirement but they put 3 of their kids to college w/o loans so it turned out to be an excellent retirement plan for them as they lived with us until they passed.So their example is of not much help
At age 40 you have no idea how your desires or life circumstances may change in the next 25 years. They may be totally opposite of what you desire now. My advice: don't say no to anything right now. Do your best to remain open to all possibilities and prepare for them.
Only you can tell whether the advisor was actually being unscrupulous or not. But if he/she is just trying to show you how to maximize your savings to put yourself in the best financial position, at least consider it.
Then even if your desires don't change, you'll at least be able to help your kids and grandkids by leaving them a bigger inheritance when your time comes.
Clearly setting life's goals and goals in retirement are individual choices. Aside from financial security your goal seems to be family oriented with continued involvement with your kids and grandkids. I can understand "aiming" higher and here is why. To me raising kids is not just reproducing and continuing the family name. It is not just custodial care. After infancy, kids and grandkids require less and less and finally zero "taking care of". In fact excessive taking care usually backfires and young adults rebel and shake loose.
To me raising kids and grandkids means setting an example of how to live life. It means fostering and supporting independence, creativity, a zeal for learning, and a desire to accomplish something and to excel, but mostly it is about setting an example. Our kids and grandkids see us taking courses, engaged in major projects (for example, my wife is writing and illustrating children's books). They sometimes come with us when we have gallery openings. They see a world of wonder, possibilities and choices. And yes we also travel, often for months at a time. When we return we have pictures and stories of places that are of beauty and wonder.
Hello
I'm asking this question as in the last yr I met twice with a "retirement planner" ( which was offered through my job) and apart from the usual investing/stocks talk they kept asking me about retirement goals.
When stated my goals are like follows
1-be in the best health i can be so i can take care of my grandkids
2-live close to my kid and siblings
3-maintain a modest house and have a paid off car
4-Maximize my SS benefits
The financial planner got condescending and tried to make me feel guilty for aiming too low and not enjoying my "golden years" and was really surprised that I did not want to travel and see the world.
Now I'm 40 and So I'm assuming ( if I'm healthy enough ) I will work full time till 65 yrs of age. I travelled a bit in my younger yrs and still I have a couple of places I want see in my life ( but Ive already saved for it and have a definite timeline when to visit them and it will be well before I'm 55).
I feel like not everyone had a wanderlust and not everybody wants to hang out in a beach resort with a margarita all day and go gambling.It seems to me that the planner was about to pitch me some unscrupulous retirement plan /managed funds, and was wooing me by presenting this rosy picture of retirement .So I got a little snippy and left.
But it got me thinking am I underestimating or not anticipating a mid-life crisis or retirement blues that seniors face and that is why they travel so much ? or is it just highly variable ? And thoughts , ideas appreciated
p.s My parents unfortunately did not save much for retirement but they put 3 of their kids to college w/o loans so it turned out to be an excellent retirement plan for them as they lived with us until they passed.So their example is of not much help
Except for the family stuff I'm right there. There has been no end of people telling me what I should do, should like, should want, and where I should go. It's always either the things they like, they've done, they've wanted and places they've been. But more often its just the things they've liked or wanted but couldn't have, or places they've always wished they could go but couldn't.
I don't tell they where they should go or what they should do. I just tell them to take a walk and have a nice day. ;-)
I never had any goal, I just retired. I hate all these goals and stuff. Ditch the planner. The reason my husband and I travel is to break up the monotonous of our comfy life at home. Plus from what I’ve read it’s best to do it when you are younger, so that’s why we do it.
I think your goals are fine. If you have extra money when you get to retirement age, you can choose what to do then.
The financial planner shouldn't have that attitude, but he may have had some good ideas about how to invest for greater returns. Sometimes you have to ignore some things a person says until he gets to the good parts. Listening doesn't cost anything.
Your ideas will probably change as you and your relatives grow older so add to your plans that you many change your ideas and want to move to a new location.
Assuming you are doing a good job saving for retirement I do not see a problem with your plans.
If you want to max SS then plan on covering the first few years of retirement with savings and postponing SS until 70.
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