According to Paula de Vos of Synergist Wealth Advisors LLC, retirement is no longer a final act but a second act for many people. Many “traditional retirement-age” people are choosing to continue flourishing in their chosen occupation beyond the age of 65. While there are many reasons for this new norm, such as longevity factors & senior health, people desiring a continued “a sense of purpose” seems to be just as much a contributing element. For this reason, those who focus on diligently building a retirement fund are now opting to work past 65 before retiring.
When Paula de Vos works with her clients, she often creates a financial retirement plan that extends up to the age of 95. In an article published online entitled Who Said Anything About Retiring?, Paula de Vos of Synergist Wealth Advisors LLC explains, “The last thing I want to say to a 90-year-old client is that we underestimated our projections, and they need to go back to work.” As financial planners, our job is to ensure our clients can meet their life goals throughout an extended life expectancy.
The Changing Retirement Landscape
In the past, many Americans thought of retirement as a quiet escape. They expected the freedom of not working would allow them to pursue hobbies, travel, spend more time with family, among other perks that retirement living can offer. Nonetheless, times have changed, and so has the retirement landscape. Paula de Vos of Synergist Wealth Advisors LLC suggests many reasons for this, including:
- Retirement benefits and social security may not support the quality of life many retirees may expect if taken early.
- People are living longer, and their retirement assets meet needs for a more extended time.
- Those at retirement age tend to be healthier and more active and see no reason to stop working.
- Retirement pensions that previous generations depended on are replaced with other financial means.
To optimize your retirement plans in light of these new norms, Certified Financial Planning Practitioner Paula de Vos CFP® of Synergist Wealth Advisors LLC suggests that retirement planning is similar to plotting a flight plan. A flight plan is required of pilots before they are allowed to take off. Without a flight plan, you are not leaving the ground. Once you have taken off, however, the proper planning for a flight or retirement will include aspects that invariably will change once in the air. Retirement planning should be flexible and take into account variables that can change, like the wind. Nonetheless, the starting points remain necessary living expenses, discretionary spending, expected returns over time for different assets, expected inflation, and interest rates.
Importance of Plotting a Plan for Retirement
Retirement planning can offer more than the basics, and it can support a rewarding and full life, believes Paula de Vos of Synergist Wealth Advisors LLC. More than ever, retirees want to support worthy causes, volunteer in the community, take classes, travel around the world, or start a new career or business.
When you have an ongoing relationship and partner with a wealth advisor and Certified Financial Planning Practitioner, you can develop a financial action plan. Then together, you will regularly review your retirement plan as well as your portfolio to monitor changes to your assumptions. The future may hold gains or obstacles that you never imagined.
Finally, planning for retirement is essential because the days of depending on only social security and perhaps a company-funded pension plan have passed. Retirement planning is meant to supplement any primary foundational retirement vehicles. Additionally, medical issues that may demand long-term care or assisted living must be addressed long before retirement.
Avoid Financial Insecurity in Retirement
With the proper planning, you can retire with confidence, knowing you have sufficient assets to support your chosen lifestyle. Paula de Vos of Synergist Wealth Advisors LLC believes that when you are doing things you enjoy and your life is fulfilling, you will be satisfied with traditional retirement or the new retirement paradigm.