Retirement Planning Experts in Plano, Texas


When we talk about planning for retirement, we’re usually referring to financial objectives and income strategies. These things are important, but they’re not the only ways to adequately prepare for retirement. In addition to creating an income strategy, consider developing a specific plan for what you want to do — day in and day out — for a retirement that could last 20 to 30 years.
After all, knowing what you want to do in retirement can help put a number on how much money you’ll need to save. For example, a retiree with big travel plans will likely need a larger nest egg than someone cultivating a vegetable garden.

For many people, retirement is a time to do all the things they never had time to do before. Merrill Lynch found that people between ages 65 and 74 reported having more fun than any other age group. However, it’s easy to sink into daily routines that can lead to boredom and lethargy.
To help maximize your enjoyment in retirement, plan to have a plan. For example, carve out time for your passions or develop a new interest. Get out of the house regularly to discover places you’ve always wanted to visit — a local museum or restaurant, a neighboring city or a far-flung exotic locale. The top criteria retirees use when seeking new adventures are the arts, fine dining, learning, volunteering, outdoor water activities, outdoor land activities and — in its own category — golf.


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The Perks of Working Longer

Despite the sometimes-negative connotations associated with being labeled a “workaholic” — someone addicted to working long hours –a survey of more than 750 employees at a large international consulting firm found that there actually may be health benefits.
The study’s objective was to determine if employees who identify as workaholics were more prone to developing metabolic syndrome, an umbrella term describing the onset of multiple conditions such as high blood pressure, high blood sugar, abnormal cholesterol and excess waistline fat. All of these conditions, particularly when combined, are known to increase the risk of developing heart disease, stroke and diabetes.

However, not all people who work long hours demonstrated a higher risk of developing metabolic syndrome. In fact, the workaholics who were truly engaged in their jobs appeared to have no more risk of developing these chronic conditions than the average non-workaholic employee. These employees reported having strong time management and communication skills as well as a solid support network, both personally and professionally.

By contrast, people who worked long hours but were worn out, were disengaged and lost sleep worrying about work were prone to developing metabolic syndrome.

This is an important factor to consider when developing a retirement income strategy. Many people plan to work past traditional retirement age to have more time to save, invest and accrue higher Social Security and/or pension benefits. This may be a great idea for people who love their jobs, enjoy working and receive a great deal of fulfillment from their work. However, for people who are dissatisfied with their jobs or employers or have a spouse encouraging retirement, the decision may be more complex. In these cases, continuing to work past traditional retirement age may be detrimental to both health and happiness.

Of course, the more health problems you develop, the more money you may need to pay for medical expenses throughout retirement. It’s important to consider retiring when you can afford it and developing a daily regimen of healthy habits to help avoid expensive medical bills.
There are many variables to consider when deciding the best time to retire. A workaholic may weigh the advantages of continuing work for health and financial benefits versus a potentially lower retirement income with less work-induced stress. Remember, we’re always ready to discuss your retirement income strategy with you.


Disclaimer:


Advisory services offered through Lake Point Wealth Management, LLC, an SEC Registered Investment Adviser. Insurance products andservices offered through Lake Point Advisory Group, LLC. It is important that you do not use e-mail to request, authorize or effect the purchase or sale of any security or to effect any other transactions. The information transmitted herein and any attachments or files transmitted herewith may contain proprietary, confidential and/or protected, non-public information, are covered by applicable state and federal laws and are intended solely for the use of the individual or entity named above as the intended recipient. If the reader of this message is not the above-named intended recipient, or his/her/its agent, be advised that any review, disclosure, dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please immediately notify the sender by telephone or e-mail and destroy the material forwarded in error. Nothing in this communication shall constitute an offer to sell or solicit any offer to buy a security or any insurance product. Recipients should be aware that all emails exchanged with the sender may be archived and may be accessed at any time by duly authorized persons and may be produced to other parties, including public authorities, in compliance with applicable laws.
Location: Texas, USA

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