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TechnologyOpinion: How to plan for retirement when you don’t want to retire

19:16  17 june  2019
19:16  17 june  2019 Source:   marketwatch.com

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When I started my career as a financial adviser in the 1990s, the topic of retirement was often the primary goal for clients, and the conversations were typically geared around the question of whether or This brings up some crucial questions: If you don ’ t plan to retire , how differently would you save?

Some people are counting the days until retirement , and there is nothing wrong with that. Others have decided to keep working out of financial necessity, and this seems to be a prudent decision. And still others, however

OUTSIDE THE BOX
Opinion: How to plan for retirement when you don’t want to retire© Warner Bros/courtesy Everett Collection / Everett Collection You’ll still need a smart financial plan.

Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not necessarily represent the views of MSN.ca or Microsoft.

When I started my career as a financial adviser in the 1990s, the topic of retirement was often the primary goal for clients, and the conversations were typically geared around the question of whether or not early retirement was a possibility.

Today, because of a variety of factors early retirement is rarely a topic of conversation. Rising health costs, longer life expectancies, paying off children’s higher education costs are a few of the reasons people are less focused on hanging it up early.

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Some people say that retirement is obsolete and we need to retire the concept. That would be a big mistake for most people. More and more people argue that we have retirement planning all wrong. They say we shouldn’ t be talking with people about retiring or how to plan for it.

When I started my career as a financial adviser in the 1990’s, the topic of retirement was often the primary goal for clients and the conversations were typically geared around the question of whether or not early retirement was a possibility. Today, because of a variety of factors early retirement is rarely

More frequently, I am meeting with new clients that have no interest in retiring at all. These are people who genuinely enjoy their careers, make a strong wage and for some, their career may even be part of their identity.

This brings up some crucial questions: If you don’t plan to retire, how differently would you save? How differently would you spend? How differently would you invest? Even those who find themselves in this enviable position still need to have a retirement game plan.

Saving

Just because you don’t want to retire doesn’t mean you should stop saving. You also shouldn’t ignore your financial plan; on the contrary, moving forward with diminishing the amount you save would be madness without running through the numbers. You would need to have a well thought out financial plan that gives you confidence that this path makes sense for you.

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How to plan for retirement ? It is a question a lot of people ask, but not as many answer. When you think about retirement , you likely envision a day when you will no longer work or earn any money. For the typical American who retires in their early 60s, particularly if they are married, they could be

One way to approach is to save diligently until you get to a comfortable place financially then dial down the savings. An example of this would be cutting your pension plan contribution from 12% down to 6% so you continue to get all of your match dollars. The other 6% is yours to enjoy…less the taxes you will now be paying on those funds.

Spending

Now that you have this newfound cash flow, what are you going to do with it? Take the kids and grandkids on a vacation each year? Buy a second home? Join the local country club? Buy that car you have always wanted? Or simply have more money to expand your day to day living? Remember, the idea here is to enjoy more of what you make to enrich your life.

Investing

How much risk you take in your portfolio is a very personal decision that also is tied into your financial plan. Classically speaking, it does not make sense to increase risk as we age whether you have a planned exit from your working life or plan to never exit your working life.

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If you don’t need the money to retire, it doesn’t mean you should suddenly get reckless with your portfolio and step on the gas. Consider the impact of doubling your portfolio if you are successful verses cutting your portfolio in half if you are not. Doubling your portfolio probably won’t change your life if you are wired to work indefinitely. Seeing your portfolio get cut in half is one of the most mentally debilitating things an investor can go through which leaves scars even for those with the strongest stomach for risk.

If anything, a reduction of risk would be in order.

The best laid plans

None of us know the future. Corporate job cuts happen. Divorces happens. Death of a working spouse happens. Disability happens. Sometimes our plans are forced to change. On a very basic level it is important to continue to save for retirement in case you are forced to change your plans. People are also known to change their minds as life goes on. How you feel about retirement at age 55 may be completely different than how you feel about it at age 65.

Changing your fundamental assumption about retirement is not a decision to take lightly but could add more enjoyment to your life along the way.

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Some people count the days until retirement , while others keep working out of financial necessity. Many, however, decide that want to keep working until Father Time tells them otherwise. Their rationale is simple: Why should I look for another way to enjoy a fulfilled and meaningful life, they figure, when I

As you 're deciding when to retire , you 'll need to think about how much money you 're likely to spend each year. Financial planners often tell people to plan to spend 75%–85% of their current income once they retire . It's an estimate based on the fact that, once you retire , you should be spending less on

David Rankin CFP is a financial adviser with the Mangan, Ernst & Rankin Wealth Management Group of Janney Montgomery Scott in the Philadelphia area. You can email him at drankin@janney.com. The opinions expressed in this column are solely those of the writer, not those of Janney Montgomery Scott.

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