If you look at stories throughout history, they often share the same themes, similar characters, and frequently even the same outcomes.
For example, the star-crossed lovers of “Romeo and Juliet,” “Westside Story” and “The Great Gatsby” all are tales of love, tragedy, and sorrow. Perhaps these stories endure because of the great drama stemming from real-life situations. Stories of intense human emotion often seem to involve lessons we never really learn and, therefore, are destined to be experienced over and over again.
But what of the story of retirement? Is it so much different now than it was half a century ago? Will it be much different in another 50 years? Can we learn from the past; taking both the good and the bad, and prepare ourselves better for the future?
While themes tend to be repeated throughout history, each of us is living a separate, unique story. As such, we have the opportunity to write our own chapters on retirement. Things may have changed from the way they were for our parents and grandparents, but many of the economic and financial factors that influence our lives have followed the same path.
By the same token, for many people, retirement marks a tremendous change in their own lives, whether transforming from work to leisure or from work to another type of work, or from being a stay-at-home mom to a stay-at-home caregiver.
Whatever your future, planning is the key. Understanding the factors involved in your decision-making process, working with financial professionals, communication with family, and being flexible both before and during retirement are all important components of planning for retirement. They are the plot devices that help your retirement story to have a happy ending.
In order to not repeat the same financial mistakes you have made, or your parents have made, it is important to work with someone who understands the path from start to finish.
Accumulating money is one path, but distribution of money is a different path. For all your retirement needs, look for a guide/agent who is independent and proficient at both.