This article was featured in Maine Seniors Magazine, January 2022
As I paced the office struggling to come up with a thought provoking topic for this month, I spied the current issue of Downeast Magazine profiling the lives of 70 incredible Mainers who happen to be over age 70…amazing stories about people who are living life with youthful spirit and vigor…helping to redefine aging. I had stumbled upon the theme for this month’s article. For three decades, I have provided financial and emotional guidance to extraordinary people as they prepare for and live the Golden Years. Here are a few ways they are living their best life… on golden pond.
1- When you are financially and emotionally ready to retire, just do it!
I can count on one hand the number of clients who regretted retiring. The common thread is that all had not built and nurtured a network of friends and family with common interests. In short, their work had come to define them. Resist “nextyearitis” and if you are ready financially, reinvent yourself now!
2- Write down your bucket lists
When going on vacation, most of us spend many hours planning the trip and deciding on a daily agenda of places to go and things to do. Think of retirement like a 30-year vacation- how will you fill your days? Where will you travel? How will you get there and where will you stay? What will you do when you get there? If you have a spouse, it’s critical that you build your bucket list of things you will do together, but just as important that you each have your own bucket list of things each of you will do without the other. A variety of shared and individual experiences is key to making 1 +1 =3!!
3- Keep your body and brain active
Retirees can get so consumed with their numerical age when you should be more concerned with maintaining your body and mind through exercise of both. This summer I was passed on a steep mountain bike climb of the Caribou Pond Road by a Sugarloafer who was in her late 70’s and made me feel like I was standing still. A longtime client who lived “and drove a car” past 100 would visit the office for an early morning chat about the financial markets… having already read three major newspapers cover to cover.
4- Give your time, talents and treasure to a local charity
It is always inspirational to have a meeting with a recently retired client and hear how they are giving back by volunteering for their favorite charities, committees and boards and to recommend the most tax efficient way to donate some of their nest egg to them, both during life and as part of their estate plan. So many charities have stepped up to the plate during the pandemic to serve the basic needs of the most vulnerable in their communities. Contact the leader of your favorite one now to learn how you can make a difference for them…and for you.
5- Hug, shape and mentor your grandchildren
One client took each of her grandchildren on a trip anywhere in the world on their 16th birthday. They would spend hours planning for and anticipating safaris, arctic cruises, tours of European castles, etc. Fund a 529 college savings plan for them and set aside time each year to discuss why you did it and how they work. Some of my favorite meetings have been with clients and their grandchildren discussing the strategy and performance of their accounts.
...And “Don’t be an Old Poop” !!
My last tip is to watch On Golden Pond at least once per year to make sure you resemble Ethel much more than Norman!!
Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC.