Let’s touch on a subject that sometimes causes breathing to stop when planning a Legacy: Retirement! And there is only one way to talk about retirement–in a take charge way. It can be different for each of us as you may work full-time for a company, you may be a stay-at-home parent or caretaker, or you may be a part-time worker or are self-employed.
But, in planing a Legacy, Retirement needs some attention. So INHALE the Future and EXHALE the past for life is about to change at least in your reality and fantasy world of planning.
AND, if you are a late saver, identify your goals. Think realistically about what you would like to have your RETIREMENT look like. Pay off a mortgage, if you have one and can pay it off. Look at the amount of time you have to fund your goal realistically. Prioritize your goals and get to work. Once again INHALE the Future and EXHALE the past.
Planning a Legacy can help you get Retirement under control in your mind. Remember, one of the biggest obstacles for those retiring is to imagine what it is like to live without a paycheck. Uncertainty will strike. There are ways to recreate a paycheck in retirement: Social Security maximization, annuitize pensions, and more. Talking with the right financial professional can help you get through this obstacle.
For Legacy purposes, take the time to plan this future part of your life…it needs to be considered before the Legacy is putout paper.
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