The other day I was on the computer watching the highlights of the Chicago Marathon. While I sat watching this video I couldn’t help but think about the tremendous amount of training that each runner put forth to accomplish their goal of crossing the finish line. I tried to imagine (I’m not a runner) the time, energy, and relentless spirit it must have taken to push forward through training and then too during the actual race. As the runners crossed the finish line one by one, you could see the pure joy, happiness, and—needless to say—exhaustion on their faces.
In many ways your life leading up to retirement is like a marathon, except we don’t know in advance where the finish line is. That’s what makes planning for your, and your family’s, future so challenging. After all, we just don’t know if our life course will be a 5k or a full marathon. As parents, we don’t want to find ourselves out of breath, or in financial terms, out of money, before we reach the finish line. There are so many questions that race through our heads, many of which we don’t have the answers for. Questions such as, “How am I going to pay for one child’s education—let alone two, three, four…?” “What if I have a healthcare emergency?” “What if the bottom drops out of the market?” “How about inflation?” “Will my income last?” If you’ve found yourself asking questions similar to these, rest assured that you are not alone. You can also rest assured that there are answers to all of these questions out there.
Many people don’t realize that there are unique strategies that can guarantee income for life and assure that they will never run out of money. At the same time, these income strategies can adjust for inflation making sure that their standard of living is maintained. Others are not aware that there are strategies to protect assets, take care of healthcare emergencies and deliver tax-free income. There are also ways that you can afford to have your well-deserved retirement while still being able to help your children pay for college. Think of it this way, when you walk into a car dealership and see the big, yellow, starburst price sticker attached to the windshield, do you immediately accept that price or, do you shop around and negotiate a better deal? More often than not, you’re going to negotiate the price down because you’ve done your research! Just like when applying for higher education financial aid you can, and should, negotiate how much aid they offer.
Ensuring your retirement plans remain intact can be exhausting, but if you have the right training and use the correct strategy, you can successfully cross the finish line. I am here to help guide you through this leg of your marathon so you can cross that finish line with the knowledge, satisfaction and joy of a race well run.