Retirement is a monumental transition, one that often comes with a mix of excitement and uncertainty. In today’s culture, we enthusiastically celebrate milestones like graduations, marriages, and becoming new parents. We even recognize smaller achievements such as a child’s first step, running a 5K, or getting a promotion. Yet, one significant life event that doesn’t often get the attention or preparation it deserves is retirement. Yes, there are retirement parties and celebratory trips, but the challenges often begin after the festivities are over.
Retirement marks a significant milestone, representing a shift from the demands of daily work to a life hopefully focused on relaxation and enjoyment. However, many retirees often experience stress and anxiety during this period. Despite being physically or mentally ready to stop working, the financial readiness to transition from a saving mentality to a spending mentality can be daunting. Questions about maintaining a particular lifestyle, market volatility, and whether there is enough saved for retirement can create ongoing worry.
This transition also signifies a significant identity shift. The work done for decades fades into the background, and the certainty of a regular paycheck disappears. Suddenly, the nest egg that has been saved must support you for the next 30-40 years. Will it be enough?
Most retirees “think” or “believe” they have enough, but do they “know” they have enough? According to CNBC, roughly 47% of Americans feel their ability to be financially secure in retirement will require a “miracle”1. This statistic truly highlights the need to understand your financial situation in a more comprehensive way.
Key components of a successful retirement include understanding your financial health, setting clear goals, adapting to change, and conducting regular reviews. There’s no one-size-fits-all approach; each individual and family is unique. It’s not about what you think you should do, but about enjoying this new phase of life in a way that brings true satisfaction.
We believe that financial planning goes beyond simply accumulating wealth—it’s about understanding what that wealth can do for each client. When we work with clients, we don’t just focus on the numbers. We ask them, “What are your dreams and aspirations?” Whether it’s spending more time with family, traveling, or checking off bucket list items, we work with clients to craft a strategy that helps to align their financial resources with their non-financial objectives.
Imagine going into retirement with more than just the reassurance that you have enough. A robust financial plan can help clients make informed decisions and approach retirement with confidence, optimism and a clear vision for the future. Through open discussions about future goals, and creating a personalized strategy, clients should feel supported and empowered to enjoy the fruits of their hard work.
At RZH, our mission is to work alongside our clients to help them live tomorrow as they do today, with the confidence that comes from having a carefully designed plan aimed at supporting the lifestyle they envision. No matter where you find yourself in life, we are thankful for the chance to support you on your financial journey.
Warm regards,
Lauren Rowland, CFP® CDFA®
Principal
[1] “47% of Americans say achieving retirement security will take a miracle. Why inflation is to blame.” CNBC. September 13, 2023.