Money Moxie - Retirement Readiness

#MoneyMoxie - #RetirementReadiness

moxie[mok-see]See more synonyms on Thesaurus.com noun; Slang.
1. vigor; verve; pep.
2. courage and aggressiveness; nerve.
3. skill; know-how
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We can all learn something from a Guru!

There are millions of individuals who are in the 50+ age group who are not retirement ready.  I belong to this cohort and had to literally pull myself up by the bootstraps to be in a position where the prospect of living off government pensions in retirement has almost evaporated.  This happened over the last eight years.  For this reason, I have decided to focus on this group as it is a natural fit and I am well equipped to make a difference at a time when it makes a difference so that those who buy-in can have a different outcome.

I was having a conversation with some other difference makers today about this very issue. Fifty-plus age group is the most vulnerable in the job market and any set back in health or employment (God forbid if it's both) can completely derail retirement plans.  In this age group, it is most important to focus on health - mind, body and spirit; on wealth and on personal growth. I have a network of individuals in the health and personal growth area.  I am the go-to person with regards to your wealth.

To start off, if you are in this age group and you have not thought seriously about your retirement this is a matter of urgency!  You cannot afford to wait, you must invest time to thinking about your life now, and if you should be given the privilege of living to see retirement what you want that time in your life to look and feel like.  I suggest you write out a "life plan" and create a vision board (my friends now do a vision book because it is easier to carry around and work with).

Here's my 2015 vision book

Once you have done this, the next step is to take stock your finances and consult with a reputable financial professional. Your advisor should be somebody who take a holistic approach to financial planning and have a good understanding of taxation in your jurisdiction, and depending on your circumstances, refer you to a tax professional.  Holistic planning takes into consideration and addresses where necessary, the various tentacles of wealth planning - Retirement - Health - Investment Management/Advice - Legacy.  Legally lowering your tax burden while you are alive and taxation at death is essential to the success of your financial plan.

Hear is a caveat - some advisors are "text book" advisors, they follow a text book idea that people should to this at this age and that at this other age etc; we know that from a practical point of view, that life is not like that - which is a major factor in why so many "baby boomers" are unprepared for retirement.  You will be better served by an advisor who knows how to help you navigate the ups and downs of life and not make you feel like crap or a failure for not having met the text book picture of where you should be on the retirement ready scale.  Here's an example:  I started over financially in 1997 when I purchased a home for me and my two children following a divorce.  I firmly believe in the stability of home ownership, plus, because interest rates had come down to an all time low, the payment for a nice three bedroom home in a very lovely neighbourhood was less than what it would cost for rent!  Because I started over, the equity in the home funded my contribution to children's post secondary education.  I am a believer in higher education, and the stats are there to back me up.  After my son graduated I sold the house and move to the city, deciding to rent an apartment until I figured out what I want to do.  My car lease had come due just shortly after that so I decided to buy out the lease.  Because I no longer owned a home, and didn't have much left over after the sale of the house, the look on the bank loan advisor's face when I did my application said everything she was thinking!  I was 53 at the time and was already feeling crappy about my situation.  I know where my "investments" to that point were - in my children, which was most important to me. But the amount of positive self-talk it took to regain my equilibrium after I left the institution was tremendous.  Anyhow, I did get the car loan to buy out my car lease and made the decision I needed to get back in another home because for "poor people", once you have a down payment, that's the best way to lay a foundation to wealth, pun intended.  

That plan has worked out very well for me, but it has not been without a lot of sacrifice.  Sacrifice is required in order to move forward in the direction of your goals.  On sacrifice, +Bob Proctor said it best, "giving up something of a lower value to get something of a higher value".  The higher value involved in giving up time, effort and some of today's pleasures is PEACE OF MIND and securing a "livable" income in your retirement years.

I would be honoured if you joined me on the journey to retirement readiness!

BEVERLEY ALLEN, FLMI

Beverley

Investment Fund Advisor & Life and Health Insurance Advisor

Desjardins Financial Security Investments Inc.

Desjardins Financial Security Independent Network

Ontario Central Region (OCR), GTA West Branch

5070 Dixie Road

Mississauga, On L4W 1C9

#MoneyTalk #MoneyTalkwithBevAllen #TheValueOfSoundAdvice  #MoneyMoxie #RetirementReadiness