Howdy folks. Ed here.
“You can do this.”
This was the text message my wife and I received from our financial planner recently. It was in response to our inquiry about making a large financial purchase that wasn’t in our original retirement financial plan a few years ago.
I was surprised when our financial planner’s first questions to us after learning about our goal wasn’t about the money to make the purchase but our feelings concerning the exchange of assets (cash for real estate). “Have you given thought to how exchanging some of your liquid assets for an illiquid real estate purchase will make you feel?” he asked. After we discussed our emotions, he plugged a few numbers into our financial plan on his computer, and within a couple of minutes, he showed us graphically how this purchase would not affect our future income cash flow significantly. He then said, “let me do a few more detailed “what if” scenarios to be sure. The next communication we received from him was, “You can do this,” along with a copy of our revised financial plan for review.
Who’s got your back?
I can’t even imagine trying to navigate a multi-decade retirement period without the help of someone (a specialized retirement planning professional) who knows us well and is equally concerned about our feelings AND our finances.
Retirement living is dynamic, not static; things can change often and unexpectantly. My wife and I made a decision a long time ago, not to risk our entire financial welfare by trying to handle our finances on our own. Having someone who’s knowledgeable about the things that can effect our financial well being gives us more time to focus on the important business of living life to the fullest.
Until next time, live your best life every day, then you can look forward with confidence and back without regrets.