Financially Speaking: Words of Wisdom for Retirement
By LouAnn Schulfer, AWMA®, AIF®
Accredited Wealth Management Advisor®
Accredited Investment Fiduciary
I am a quotations fanatic. Some are profound and some are funny. What I love about quotes is that the great ones say so much with just a few words of wisdom. Here are a few on retirement with reflection from me. If you have others that are worthy of sharing, I welcome you to e-mail me (firstname.lastname@example.org), I would love to hear from you!
“The question isn’t at what age I want to retire, it’s at what income.” George Foreman. So true. The vast majority of us do not have pensions to replace our income at retirement. Therefore, we no longer have a magic age when retirement just happens. Rather, it’s determining when the time is right for you to turn your lifetime of savings and accumulation into a reliable stream of retirement income, coordinated with decisions such as how to and when to take social security, and assessing the risks you may face in your golden years.
“When a man retires and time is no longer a matter of urgent importance, his colleagues generally present him with a watch.” R.C. Sherriff. Funny and true! One of my clients who just retired is receiving a watch as his company retirement gift.
“The money is no better in retirement, but the hours are!” — Author Unknown.
“Retire from work, but not from life.” — M. K. Soni. When I meet with new clients, one of the questions I always ask is “What concerns do you have”?” The three that top the list are: When the markets go down again (like 2008) I do not want to lose half of my portfolio; Don’t let me run out of money (later in life); and, Make sure my spouse is taken care of (financially) when I die. For those nearing or in retirement, maintaining health and mental acuity are next in line, and that is a big concern. Retirement is an opportunity to redesign the part of your life that was consumed by work. Which is a nice lead into this next one: “Retirement . . . is when you stop living at work and begin working at living.” — Unknown wise person
“The longer you work, the more money you’ll have for retirement. But the longer you work, the less time you’ll have to enjoy that retirement.” — Wall Street Journal. Among my happiest clients are those who began building their portfolios earlier in life. With the magic of compounding over time their portfolios have grown more significantly and with their financial success, they have more freedom in choosing their retirement date.
And one of my all-time favorites: “In retirement, every day is Saturday.” – a happy client of mine.
Securities and advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.