5 Steps Showed I Could Retire Comfortably

photo by Author

Published on April 15, 2019

I couldn’t even imagine retiring when I decided to open up to my sons about my situation. My younger son has a head for numbers and said, “I think you’re doing better than you think.”

 I looked into it in my own analytical way, applied what I’d learned from my business experience and investment hobby, and realized I could – so I did! Although the details are a story for another time, I couldn’t be happier with things now as I focus on making the most of my retirement years.

 Later talking with my friend Gail, her concerns were starker. She was very worried, perhaps even a bit fearful and confused, about being able to retire comfortably. My heart went out to her, so I put together a structured version of what I’d done and offered it to her.

 She broke through her resistance and did the work, which I’ll say took some effort on her part, and the results were very gratifying. She later told me, “You helped me turn fear and confusion into confidence and a workable plan.” 

She says she now has a much better understanding of the moving parts and trusts herself to make big choices with confidence. Now she and her husband are in a position to achieve their goals. 

I’m so happy for them!

What Made The Difference?

Remember the tip I’ve shared in my last two notes? (“3 Big Retirement Questions” and “5 Steps To Balance Your Goals With Your Commitments“)

“The key is to get REALLY CLEAR about where you stand and what you want, and then to keep creating ways and opportunities to make it happen.”

 In this case, the heavy lifting is on doing the work to get REALLY CLEAR about where you stand financially. Knowing that, you can begin to lay out your own workable plan to get where you want to go.

 On the lighter side, the question isn’t at what age you want to retire, it’s at what income. And at least your investment in health insurance will finally begin to pay off!

 OK, enough fun.

 5 Steps

 What are the basic steps first I and then Gail took to get clear?

 This was the approach we used:

  • Gather the financial information that will impact your retirement
  • Make financial projections to see where you stand
  • Do some analysis and ask “what-if” to check the sensitivity of your assumptions and to see what you might do to improve your situation
  • Identify action steps based on what you’ve learned, for example reducing expenses, increasing income now and in retirement, adjusting your investment strategy, etc.
  • Take action!

 My lawyer told me to say, “Nothing contained here should be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security. Nor is it intended as investment, tax, financial or legal advice. Investors should seek such professional advice for their particular situation.”

 My suggestion is to find a good financial advisor and do this work with them.

A Way To Simplify Things

Here’s another idea I found helpful: 

Rather than trying to build up a piece-by-piece detailed estimate of all the travel and fun I wanted to do in retirement, I simplified it. 

How? I created one big play budget “bucket” that I use throughout the year for my retirement fun. That way if an opportunity or inspiration comes up, I can easily see if I have enough surplus in my play “bucket” to draw out what I need go for it.

It gives me another level of freedom and ease to enjoy my retirement life.

What’s Next?

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  • Create your “Bucket List” of the top experiences and achievements you hope to have.
  • Determine your prioritized list of Retirement Goals and what you want to make happen this coming year.
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The longer you delay, the less time you’ll have living the retirement you say you want. Don’t delay until it’s too late.

Go to Retire With Purpose™ and start creating the retirement you’ve always imagined.

I’ll be sharing more about ways I’ve been creating a great life.

 And I’ve been developing some programs on ways I’ve done this, so you don’t have to invent them for yourself.

 You can contact me at http://bit.ly/erc_contact_me. I’m happy to talk anytime you like.

 Make it happen!

Eric @ ExploringRetirement.club

 Copyright © 2019 ExploringRetirement.club. All Rights Reserved.

Categorized as Articles

By Eric Asbeck

Since I was young, I’ve wanted to have my own business. I thought it was my best way to achieve financial freedom and do my own thing. I found my initial success through the more traditional corporate route, focusing on business strategy and creating new product and services. As a successful “intrapreneurial” executive at Bell Labs, AT&T, NCR, and Cisco Systems, I led teams to create new businesses, services, and products that won over $120M in new business. Then I left corporate and founded 2 new businesses of my own. Over the years, along with learning about business startups, I kept searching for a reliable way to have money freedom. I developed a planning structure and process that showed me I could retire, be relaxed about the money and not worry where it’s coming from, and do what I want when I want… So I did! It’s in my nature to share what I’ve learned and help people, so I began working with other entrepreneurs who also wanted financial freedom but were confused, afraid, maybe even panicking. It’s been so rewarding to see them getting their own great results, turning survival and gloom into a clear action plan and checklist for money freedom.