By Mark Reinert
What a concept: go to school until you’re 21, work 45 more years, then one day just stop and relax for the rest of your days. Traditional, and for some, very scary. Having helped hundreds of clients into—and through—retirement for 3 decades, I know first-hand the pitfalls that can accompany this tricky stage in life.
Have you ever really thought about what it would be like? If you are in your 50’s, you most likely have at least pondered this concept. But what about when you were in your 20’s or 30’s? Maybe not, but that could be the best time to consider the possibilities because you have one critical advantage—time. While none of us are guaranteed any specific amount of this precious commodity, how we plan to use it can make all the difference.
Consider this question: What you would prefer to be doing right now, if you were not working, and money was not an issue? I can imagine a few things that might pop into your mind; perhaps sitting on a beach sipping boat drinks, or playing golf, or fishing, or reading a book. Anything must be better than work, right? But imagine a steady diet of beach lounging, or golf, or any recreation and it seems probable that at some point, it could become quite boring. I have seen a variety of approaches to this later-in-life leisure time. Some of these work out very well, and some do not. What is very common I have discovered, is that those who hang up their badges early, in their 50’s, tend to experience a “honeymoon’ phase where they relax and play and travel like crazy, until they get tired of it and grow bored, or run short on cash. Inevitably, many of these once eager retirees find themselves looking for work either with another company, or going back to their original employer part-time or more. Unfortunately, they rarely collect the same benefits that they once received while still working full time.
These observations have directed my thinking to the planning possibilities. What if retirement was actually not traditional? What if retirement was actually a series of frequent sabbaticals, starting in your 30’s where you simply take a break from work for 6 months and recharge the batteries, then come back with renewed energy and work some more? I can imagine that productivity would be significantly higher with frequent work-rest gaps, as recent studies have suggested. I can also imagine the personal fulfillment from these experience gaps. Could you lock in an Airbnb in a foreign country and immerse yourself in the culture for half a year? Could you write that book you’ve been thinking about? Could you trace your family tree? Could you visit all of the Major League Baseball parks, or Civil War battle sites?
Fortunately, there’s a plan for that—and that’s where we can help!
When was the last time you shared your dreams with your Certified Financial Planner™? Is there a better time than right now to pick up the phone and schedule your appointment?
Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. As an independent advisor with LPL Financial, Mark serves clients through financial planning and investment advising. Mark became a financial advisor in 1989 and obtained his CERTIFIED FINANCIAL PLANNER™ designation in 1995. He obtained his RETIREMENT INCOME CERTIFIED PROFESSIONAL® in 2016.
Mark is a former adjunct faculty member of Baker University where he taught graduate and undergraduate finance and economics courses for nearly ten years and worked in the banking industry for five years. He has been featured in several publications regarding financial advice and is a regular speaker with various civic and academic organizations.
Mark received his MBA from Pittsburg State University in 1988 and undergraduate degree from St. Mary of the Plains College in 1984.
Mark Reinert may only discuss and/or transact securities business with residents of the following states: AL, AR, AZ, CA, CO, FL, IL, KS, MO, OK, TX, and WY.