Breaking the Silence: What a Quiet Observer Sees
I’m usually quiet, especially when it comes to big, complex, controversial issues. But lately, I’ve been feeling a growing unease about our world and society. It’s finally gotten to the point where I can’t keep my thoughts to myself anymore.
We often talk about how much has changed – new tech, changing cultures, how we connect. I know society has always been complex, but what I’m seeing now, especially in how we treat each other, just feels different.
I think it’s a shift in our shared values, the unwritten rules that let us live together peacefully and productively. It’s about being tolerant of others’ ideas when they differ from our own or being able to agree to disagree without having to win the argument at any cost.
It’s not about judging or wishing for a past that never existed, but about honestly asking ourselves where we’re headed.
From my quiet corner, one of the most striking shifts I’ve noticed is in accountability. It’s not just about holding everyone else accountable, but the simple, everyday willingness to own our actions and their consequences. I remember a time when you could believe what you read in the newspaper or saw on TV. When someone gave you their word or reached agreement with a handshake was all that was needed.
Today, it feels like accountability has disappeared. There’s a quick urge to shift blame, find an excuse, not be completely truthful, or just disappear into anonymity online when things go wrong. Whether it’s in public discourse, politics, business, on social media, or even our smaller daily interactions, that willingness to tell the truth or just say, “I messed up,” seems less common than in years past.
When we don’t hold ourselves accountable, trust—the glue of any healthy relationship or society—starts to fray.
Now, it’s easy to point fingers or wish for “the good old days.” But that’s not what this is about. Every generation faces its own challenges, and society is complex. We’re all trying our best, navigating a fast-paced, changing world.
I certainly don’t know the answers or have the solutions other than to try my best to be less judgmental, be truthful, and hold myself accountable when I mess up. Try to lead by example.
I hope this post is more of an invitation to reflect, to observe together, without judgment, some areas where our collective moral compass seems to be shifting in the wrong direction. By holding ourselves more accountable and less judgmental, we can begin to shift the direction back to a more civil and tolerant society.
Thank you for taking time to read this article. If you would like, please leave a comment below or you can email me at www.feedback@wewaonthenet.com.
Honesty and Integrity – They’re Not the Same Thing
I’ve been thinking a lot lately about two words we often use interchangeably: Honesty and Integrity.
We say, “Oh they’re honest, so they must have integrity”.
But are they truly the same?
And why does this distinction matter so much, especially as we approach or navigate our retirement years”?
Recent events right here in our own community have really brought this home.
Let’s break it down.
Honesty is simply telling the truth. If I ask you, “Did you take that last cookie? and you say “Yes I did”, that’s honest. It’s about facts. And it’s incredibly important, don’t get me wrong. We need honesty in life – it’s the foundation of any healthy interaction.
But Integrity … integrity is a whole different level. Integrity is about doing the right thing, even when no one is watching. It’s about being consistent in your moral principles, in your values, in your actions, whether it benefits you or not, whether it’s easy or hard. It’s about being “whole” and “undivided” in your character, acting in alignment with a strong moral compass.
Think of it this way: An honest Advisor might tell you the truth when you ask them directly about a financial product. They’ll disclose the fees, the risks … if you ask the right questions. They’ll give you a factual answer.
But an Advisor with integrity: They’ll proactively tell you everything you need to know, even the parts you didn’t think to ask about. They’ll recommend what’s truly best for you, even if it means less commission or no immediate benefit for them. They’ll prioritize your well-being over their own gain, consistently, because that’s simply who they are.
Why does this distinction matter so profoundly for those of us in or nearing retirement?
Because we’re often making some of the most crucial financial and life decisions of our lives. We’re entrusting our life savings to advisors, making choices about healthcare, even navigating family discussions about legacies. And frankly, many in our age group, having lived lives built on trust and community, can sometimes be more susceptible to those who only offer a veneer of honesty, but lack true integrity.
We’ve seen recent examples, even right here in our town, of how devastating it can be when that trust is misplaced. When individuals, perhaps initially seen as honest or well-meaning, ultimately lack the deep-seated integrity to do the right thing when challenges arise. What might start with just a slight bending of the truth can quickly escalate when integrity isn’t the guiding principle, leading to widespread pain and loss. It’s a stark reminder that while honesty is good, integrity is foundational to truly protecting yourself and your assets.
Let’s imaging a scenario: An honest person might tell you the truth about a mistake they made if confronted directly. But a person with integrity would come forward themselves, admit the mistake, and try to make it right, before anyone even knew about it. Why? Because their internal compass dictates doing the right thing, not just avoiding a lie.
So, it’s not just about getting truthful answers when you ask. It’s about discerning if the person you’re dealing with, whether it’s a professional, a friend, or even family, consistently operates from a place of deep, unwavering integrity.
Do their actions always align with what’s right, even when it’s inconvenient or difficult?
Are they proactive in their transparency, or only reactive?
This is about protecting yourself from potential harm and ensuring your hard-earned retirement is secure.
Honesty is telling the truth.
Integrity is living the truth, consistently. It’s about fundamental trust, certainly, but it’s deeper than that. It’s about true character. It’s about aligning your actions with your values, always.
As you make decisions in your life, especially around your retirement, I encourage you to ask yourself: “Is this person merely being honest, or are they truly operating with integrity?”
And equally important: “Am I consistently living with integrity myself, in all areas of my life?”
What does integrity mean to you in your daily life?
Please share your thoughts in the comments below or you can email me at www.feedback@wewaonthenet.com.
I’ve also begun a YouTube channel, www.youtube.com/@wewaonthenet where I will be discussing various retirement topics and topics I come across that I think may be of interest. Check it out!
Thank you for taking the time to read this article.
Must Ask Questions For Your Retirement Team NOW
Now, that your retirement date is quickly approaching. You’ve got your financial team lined up (Financial Advisor, Tax Pro (CPA), Estate Attorney (Lawyer), the whole crew.
Are you sure you’re asking the right questions?
Could your dream retirement be at risk because your team’s still playing an old pre-retirement game?
Let’s see if we can fix that.
When retirement begins, the game changes.
- Old retirement plans often are not good enough once you start retirement. It’s easy to miss crucial details for this new life chapter.
- The big worries begin to change. Outliving your money, surprise medical bills, overpaying taxes, or no solid income plan replace the concern of “Do I Have Enough to Retire”.
An Allianz Life study even found most of us fear running out of savings more than death! That’s why these specific questions are vital.
Your team must pivot with you. If they’re not asking the right questions for this stage, your peace of mind is at stake.
The good news? You’re the coach of your team! It’s about knowing the right questions to ask to ensure your team is on YOUR page for what you need now and later.
Let’s dive into those key questions you need to ask now!.
The Reality Check – Are We Really Ready for Retirement, Like, Right Now?
Key Question #1:
“Okay, team, looking at today’s actual numbers and some conservative future guesses, am I truly financially set for retirement? Can I keep my lifestyle, especially with inflation and healthcare costs?”
Why it’s vital: “Almost there” isn’t enough when paychecks stop. Think of a bridge that’s 90% complete – still unusable. You need a clear, stress-tested ‘yes,’ not a vague ‘you’ve saved a lot.’
Your team must show a solid income plan: Social Security, pensions, withdrawals. What are your expected costs, and how will inflation affect them over 20-30 years? Healthcare is a big one: a 2024 report flagged $413,000 for a couple’s healthcare in retirement, excluding long-term care!
You need a clear cash flow projection. They should discuss safe withdrawal rates and how your plan handles market swings. Vague answers? Red flag! Demand real figures. If there are gaps, find them NOW and discuss fixes. Honesty first!
The Portfolio Pivot – Are My Investments Set Up for Spending, Not Just Saving?
Key Question #2:
“Now that I’m in the spending phase, how have we adjusted my investments to lower risk and generate dependable income? And what’s our specific plan for managing ‘sequence-of-returns risk’?”
The game shifts from just growing money to creating income and protecting it. Aggressive growth plus withdrawals can be disastrous if markets tank early in retirement. That’s ‘sequence-of-returns risk’ – like a runner stumbling badly right out of the starting blocks; it can spoil the whole race, even if they could recover. Your portfolio must change.
Your advisor should explain how your investment mix is now more conservative but still allows for some growth against inflation. Ask about diversification, accessing cash without selling low, and review frequency. What are your safety nets for market dips? A solid answer shows a cautious, income-first approach. If they still sound like you’re 45 and growth-obsessed, that’s a warning.
The Tax Tightrope – How Do We Keep My Tax Bill as Low as Possible in Retirement?
Key Question #3:
“What’s our annual strategy to minimize taxes on all my retirement income – from Social Security, investment withdrawals, and those RMDs?”
Surprise! Taxes don’t retire when you do; they can actually get trickier! Imagine juggling different types of fruit – some are taxed now, some later, some hardly at all. You need a plan.
Your team, especially your tax pro, needs a smart withdrawal strategy. Which accounts do you tap first? Ask about Roth conversions: could paying some tax now save you more later, especially with tax laws potentially changing? Understand how your Social Security benefits will be taxed. And RMDs (Required Minimum Distributions) usually kick in at 73 – miss those, and you’re looking at hefty penalties. You want a proactive, year-round tax plan.
The Healthcare Maze – What’s Our Full Plan for Medical Bills and Possible Long-Term Care?
Key Question #4:
“Beyond Medicare, what’s our specific financial plan for all other medical expenses, and especially, how are we addressing the massive potential cost of long-term care?”
Healthcare in retirement is a big unknown. Medicare helps, but it’s not a free pass – think of it as basic car insurance; it covers some things, but you’ll likely need more for full protection. You’ve still got premiums, deductibles, co-pays, and often no coverage for dental, vision, or most long-term care.
Your team needs to help you estimate these out-of-pocket costs. And long-term care? That’s the potential budget-buster. Many retirees will need it, and it can be incredibly expensive. Ask your team about options: LTC insurance, self-funding (which needs a hefty sum), or other strategies. What you need is a clear, honest plan, not a vague ‘we’ll figure it out later.’ Address this now while you have more options.
Your Legacy Plan – Is My Estate Plan Up-to-Date and Smart for My Heirs?
Key Question #5:
“Are my will, trusts, powers of attorney, and especially my beneficiary designations totally current? Do they accurately reflect my wishes and are they structured to be tax-smart for my heirs?”
Your legacy is part of your retirement plan. These documents aren’t something you sign once and then stuff in a drawer for 20 years. Like your car, they need regular check-ups, especially if life or tax laws change. An old plan can cause real heartache and unintended consequences for your loved ones.
Your financial advisor and estate attorney should work together here. Super important: beneficiary forms on IRAs, 401(k)s, and life insurance often trump what’s in your will. Make sure they’re correct! Discuss trusts for asset protection, minimizing estate taxes, and ensuring your wishes for your legacy are crystal clear.
The Team Check-Up – How Do You Get Paid, How Do We Talk, and Are You Really on My Side?
Key Question #6:
“Can you clearly explain how you get paid? Are you fee-only, fee-based, or do you earn commissions? How often will we meet to review my plan, and what will those reviews cover? And, most importantly, will you put in writing that you are acting as my fiduciary?”
You need to know your team is truly on your side. How they’re paid is critical. Fee-only (a set fee, hourly, or a percentage of assets) typically means fewer conflicts of interest, as they aren’t earning commissions by selling you specific products. Be wary if an advisor is vague about their compensation.
Also, clarify your review schedule: How often will you formally connect, and what will those meetings entail?
And the absolute deal-breaker: Are they a fiduciary? This means they are legally and ethically bound to act in your best interest. Period. You want a clear, unequivocal ‘YES’ to this, preferably in writing. Think of it like hiring a personal trainer – you want someone focused on your fitness goals, not just selling you the most expensive supplements. Anything less than a clear fiduciary commitment is a serious red flag.
Recap
Phew! These questions are your key to unlocking vital conversations. Talks that can mean the difference between a stressful retirement and a secure one. You’re covering true financial readiness, income-focused investments, smarter tax strategies, healthcare and long-term care planning, your legacy, and how your team operates. You’re taking control!
Call to Action
So, what’s your next move? Don’t delay – schedule that meeting with your retirement team.
If you have no team, or not confident in yours? It’s time to find qualified, fiduciary advice.
Please check out other articles I’ve written on the Need for a Retirement Team and Not Going it Alone.
Got other pressing retirement questions? Pop them in the comments below!
Wrapping Up
Look, your retirement is way too important for guesswork or outdated strategies. By asking these tough, specific questions NOW, you’re building that secure, happy future you’ve worked so hard for. Take the lead, ask the questions, and walk into your retirement feeling confident and truly prepared
Thank you for taking the time to read this article.
If you would like, please leave a comment below or you can email me at www.feedback@wewaonthenet.com.
I’ve also begun a YouTube channel, www.youtube.com/@wewaonthenet where I will be discussing various retirement topics and topics I come across that I think may be of interest. Check it out!
Building Your Dream Retirement: A House-Building Analogy
Imagine your ideal retirement as a beautiful, custom-built home that perfectly suits your needs and dreams. Just like constructing a house, building your desired retirement isn’t an overnight process; it requires careful planning, consistent effort, and ongoing attention.
Here’s how the journey of building a new house mirrors the process of constructing your dream retirement:
1. Both Start with a Well-Designed Plan
- Building a House: You wouldn’t just start digging a foundation without an architect’s blueprint, a detailed floor plan, and a list of desired features. This plan considers your needs, budget, lifestyle, and future vision. It’s the roadmap that guides every decision.
- Building a Retirement: Similarly, your retirement journey begins with a comprehensive financial plan. This isn’t just about saving money; it’s about defining what your ideal retirement looks like. Do you envision travel, hobbies, volunteering, or simply relaxing? Your “retirement blueprint” includes setting financial goals (how much you’ll need), outlining income sources, considering healthcare, and determining your desired lifestyle. Without a clear vision and a well-designed financial plan, you’re building without purpose, risking a retirement that doesn’t meet your expectations.
2. The Land Must Be Cleared Before Construction Begins
- Building a House: Before the foundation can be poured, the land needs preparation. This might involve clearing debris, grading the terrain, addressing any drainage issues, and ensuring the site is ready for the intense work ahead.
- Building a Retirement: Before you can truly start accumulating wealth for retirement, you often need to “clear the land” of existing financial obstacles. This crucial step involves tackling high-interest debt (credit cards, personal loans), building an emergency fund (your financial foundation), and ensuring you have adequate insurance coverage. Trying to build a retirement nest egg on shaky ground, burdened by debt, is like trying to build a house on an unstable, uncleared plot – it will inevitably be more difficult and risky.
3. The Building Begins Slowly, Stud by Stud or Brick by Brick
- Building a House: Construction starts with the foundational elements, then moves to framing, plumbing, electrical, and walls. It’s a meticulous process, where progress can seem slow at first, with countless individual components contributing to the overall structure. Each stud, each brick, each pipe is a small but essential step.
- Building a Retirement: Your retirement savings journey also begins with small, consistent steps. It’s the regular contributions to your 401(k), IRA, or other investment accounts, even if they seem modest at first. It’s the power of compounding interest, slowly but steadily adding “bricks” to your financial “house.” Initially, progress might feel slow, but each disciplined contribution, each wise investment decision, is building the structural integrity of your future financial security.
4. As the House Gets Closer to Completion, the Excitement Grows
- Building a House: As the exterior walls go up, the roof is added, and interior finishes begin, the house starts to look like a home. You can visualize living there, and the anticipation builds with every completed room and installed fixture. The end is in sight!
- Building a Retirement: As your retirement savings grow, and you get closer to your target retirement age, the vision of your desired retirement becomes clearer and more tangible. You might start seeing significant balances in your accounts, making the dream feel much more real. The excitement builds as you refine your retirement plans, perhaps researching travel destinations or new hobbies, knowing that your financial “house” is almost ready for you to inhabit.
5. Move-in Day is When You Start to Realize How Good the Plans and Construction Were
- Building a House: Moving into your finished home is the culmination of all the planning and hard work. It’s the moment you experience the comfort, functionality, and beauty you envisioned. You appreciate the sturdy foundation, the efficient layout, and the thoughtful details that came from your initial blueprint.
- Building a Retirement: “Move-in day” for retirement is the day you officially retire. This is when you begin to live the life you’ve meticulously planned and saved for. You’ll experience the freedom, security, and enjoyment that come from a well-constructed financial plan. It’s the moment you truly appreciate the foresight of your early planning, the discipline of your consistent contributions, and the wisdom of your investment decisions, allowing you to live comfortably and confidently without a traditional paycheck.
6. To Keep the House in Top Shape, You Must Keep Up the Maintenance
- Building a House: A house isn’t a “set it and forget it” asset. It requires ongoing maintenance: painting, roof repairs, appliance servicing, landscaping, and unexpected fixes. Neglecting maintenance leads to costly problems down the line and diminishes the value and enjoyment of your home.
- Building a Retirement: Retirement isn’t a finish line where financial planning ends. It requires continuous “maintenance.” This means regularly reviewing your budget, adjusting for inflation, monitoring investment performance, rebalancing your portfolio, and adapting to changes in healthcare needs or economic conditions. Just as you wouldn’t let your dream home fall into disrepair, you must actively manage your retirement finances to ensure it remains stable, secure, and continues to provide the lifestyle you desire for the rest of your life.
So as you can see, building your dream retirement is a lot like building dream home. It requires a blueprint, clearing a path, consistent effort and ongoing care. It can feel daunting, but breaking it down into these manageable steps makes it so much more achievable. Don’t wait to start building your retirement house.
“What’s one “brick” you’re going to lay today for your future retirement?”
Thank you for taking the time to read this article.
If you would like, please leave a comment below or you can email me at www.feedback@wewaonthenet.com.
I’ve also begun a YouTube channel, www.youtube.com/@wewaonthenet where I will be discussing various retirement topics and topics I come across that I think may be of interest. Check it out!
Why You NEED An Emergency Cash Stash
How much cash should you have stashed around the house?
This is a really important and often overlooked aspect of financial preparedness. This advice is not just for retirees but I believe is sound advice for everyone.
Usually when we think of financial preparedness we think of an emergency fund to cover unexpected expenses that we know will pop up from time to time (medical bills, auto expenses, home repairs). But that’s not what I’m talking about.
I’m talking about Emergency Cash!
What would you do if your bank is closed, ATM’s and Credit Card machines are down or even electrical power is out for a few days or maybe even weeks. What will you use to purchase things you must have to get by?
Understanding the “Why”:
The core reason for holding physical cash is to cover immediate necessities if electronic payment systems (credit cards, debit cards, ATMs, online banking) become unavailable due to:
- Natural Disasters: Power outages can render electronic systems useless for days or even weeks.
- Cyber Attacks: A widespread cyber attack could compromise bank systems, making accounts inaccessible or transactions impossible.
- Bank Run/Financial Crisis: While rare, a severe crisis could lead to temporary bank closures or limits on withdrawals.
- Local Disruptions: Even a local internet outage or a power grid issue can prevent you from using digital payments.
In such scenarios, businesses that are open (like gas stations, small grocery stores, or pharmacies) might only be able to accept cash.
How Much Cash to Keep at Home?
Most financial experts suggest a range, and it depends heavily on your personal circumstances:
- The “Starter” Amount: 3 to 7 Days of Essential Expenses
This is the most common recommendation for a basic emergency cash stash. - Calculate your daily essential expenses: Think about what you absolutely need for food, water, medicine, and potentially gas for a few days. Don’t include discretionary spending.
- Aim for $500 – $2,000: Many experts suggest a baseline of $1,000 to $2,000 as a good starting point to cover immediate needs for a few days to a week. For example, if your essential daily spend is $100, then $700 covers a week. If it’s $200, then $1,400 covers a week.
For Extended Disruptions (Weeks to Months – The “Worst Case”):
- This is where it gets more nuanced and less commonly advised for physical cash at home, due to security risks.
- 30 Days of Essential Expenses: If you’re truly preparing for a prolonged disruption, aiming for one month’s worth of essential living expenses in cash at home is a more robust approach. This would cover rent/mortgage (if due during that period), utilities (if they can be paid with cash or in person), food, medicine, and transportation.
- Consider Your Risk Tolerance: If you live in an area prone to natural disasters or are particularly concerned about systemic risks, you might lean towards the higher end.
Important Considerations for Your Cash Stash:
- Denominations: Keep a mix of small bills ($5s, $10s, $20s). Larger bills ($50s, $100s) can be hard to break in an emergency situation, especially if change is scarce. Quarters can also be useful.
- Security: This is paramount. Keeping large amounts of cash at home makes you a target for theft.
- Don’t keep it all in one obvious place.
- Consider a fireproof and waterproof safe: Ideally, one that is bolted to the floor or very heavy. This protects against fire, flood, and makes theft more difficult.
- Diversify hiding spots: Don’t just put it under the mattress. Think about less obvious places a burglar might not immediately check.
- Replenish: If you use your emergency cash, make it a priority to replenish it as soon as possible.
Beyond Cash:
Remember that a well-rounded emergency preparedness plan includes non-perishable food, water, a first-aid kit, essential medications, communication devices (like a hand-crank radio), and a plan for meeting up with family. Cash is just one piece of the puzzle.
In summary:
For most people, $1,000 to $2,000 in smaller denominations is a reasonable amount of cash to keep at home for short-term emergencies. If you are specifically preparing for more extreme, prolonged scenarios like a months-long banking system outage or a natural disaster, you might consider closer to one month’s worth of essential expenses, but be acutely aware of the increased security risks involved and take robust precautions to remain safe.
Thank you for taking the time to read this article.
Please check out my YouTube Video on this topic: Your Emergency Cash Stash – Do You Have One?
If you would like, please leave a comment below or you can email me at www.feedback@wewaonthenet.com.
I’ve also begun a YouTube channel, www.youtube.com/@wewaonthenet where I will be discussing various retirement topics and topics I come across that I think may be of interest. Check it out!
Commonalities and Benefits of Having Retirement Dream Team
In the past few posts we’ve explored the crucial roles of financial advisors, tax advisors, estate planning attorneys, healthcare insurance advisors and lifestyle coaches. While each plays a distinct part, their effectiveness is magnified when they operate as a cohesive team.
Please remember what I said in the original post “Retirement Warning: Don’t Go It Alone“, each of these advisors are players on your retirement team. You are the coach, you listen to their advice and suggestions. They help you build a good retirement plan but the ultimate responsibility for your retirement rests with you. Having a team doesn’t mean giving up control or direction of your retirement. It just gives you the best opportunity to have the retirement you deserve.
So let’s move on with the intent of this post.
Let’s look at the shared traits of these invaluable advisors and the benefits of having them work together for your retirement success.
Commonalities Among Your Retirement Team Advisors
- Putting You First: This is the number one commonality. Every member of your team should prioritize your unique needs, goals and well-being. They should listen more than they talk, ask probing questions and tailor their advice specifically to your situation. Not some cookie-cutter template.
- Specialized Expertise and Credentials: Each advisor brings deep focused knowledge to their respective field. They possess the necessary license, certifications and ongoing education to navigate the complexities of their domain. They’re experts in their niche, allowing you to benefit from their years of dedicated study and practice.
- Clear and Transparent Communication: Each advisor should have the ability to explain complex information in plain, understandable language. They should be transparent about their processes, recommendations and fees. There should be no hidden fees or confusing jargon. They’re educators as much as advisors.
- Proactive and Forward Looking: Effective advisors don’t just react, they anticipate. They help you plan for future challenges and help you identify opportunities to optimize your outcomes well in advance.
- Ethical Conduct and Trustworthiness: You’re sharing highly personal information with each of these professionals. They must operate with the highest ethical standards, upholding confidentiality and always acting with integrity. Trust is the foundation of any successful advisory relationship.
- Commitment to Ongoing Relationship: Retirement planning isn’t a one-time event. Your team members should be committed to a long-term relationship, offering regular reviews, updates, and accessibility as your life circumstances change or market conditions evolve.
Benefits of Having a Cohesive Retirement Team
Beyond the individual strengths of each advisor, bringing them together as a team offers profound advantages:
- Integrated Planning: This is perhaps the greatest benefit. Instead of isolated advice that might conflict or create gaps, a team approach ensures all aspects of your retirement are seamlessly integrated.
- Maximized Efficiency and Minimized Cost: While there are fees associated with each advisor, a coordinated team can often lead to greater efficiency and potentially save you significant money in the long run. For example: avoiding costly mistakes such as tax penalties, poor investment choices or legal oversights.
- Reducing Stress and Enhanced Peace of Mind: Retirement planning can be overwhelming. Having a dedicated team allows you to delegate tasks and know that the experts are helping manage different facets of your plan. This significantly reduces anxiety, freeing you to focus on enjoying your retirement rather than worrying about its complexities.
- Proactive Problem Solving and Adaptability: Life and regulations are constantly changing. A team of advisors means multiple sets of eyes are monitoring for potential issues or new opportunities. They can collectively help you pivot your plan as needed.
- Empowerment Through Education: While advisors provide expertise, they should also educate you on your options and the rationale behind their advice. This will help you make confident, informed decisions and feel more in control of your retirement journey.
- Increased Likelihood of a Fulfilling Retirement: By addressing all the critical components from financial security to legal protection, healthcare access and personal well-being a retirement team significantly increases the probability of achieving a truly fulfilling, worry-free and enjoyable retirement.
Conclusion
Building a retirement team is an investment in your future well-being. It’s about recognizing that a successful retirement isn’t just about money. It’s about a well-orchestrated plan that touches every aspect of your life. By choosing advisors who share core values of putting you first, expertise and transparency and by you fostering an environment where they can collaborate, you’re creating a powerful support system. This support system is designed to navigate the complexities of retirement and help you live your golden years to there fullest potential.
Thank you for taking the time to read this article. I hope you have enjoyed these series of articles on Building Your Retirement Team.
If you would like, please leave a comment below or you can email me at www.feedback@wewaonthenet.com.
I’ve also begun a YouTube channel, www.youtube.com/@wewaonthenet where I will be discussing various retirement topics and topics I come across that I think may be of interest. Check it out!
Memorial Day: More Than Just a Long Weekend
For many, Memorial Day weekend signals the unofficial start of summer – barbecues, trips to the lake and shopping the sales. But for us older retirees, this solemn observance often carries a more personal significance. In a world that sometimes seems to forget, this generation holds tight to the true meaning of Memorial Day.
For those of us who have lived through more decades, Memorial Day isn’t just a historical footnote, it’s a day etched with personal memories. We recall fathers, uncles, siblings, friends, and neighbors who answered the call to serve. Some returned, forever changed, while others made the ultimate sacrifice, their names forever etched in our hearts, if not on our monuments.
This isn’t about glorifying war, but about honoring the individual lives lost in service to our nation’s ideals. It’s about remembering the brave young men and women who never came home from distant battlefields, from the beaches of Normandy to the jungles of Vietnam, the deserts of Iraq, or the mountains of Afghanistan. We remember the quiet sacrifices made by families left behind, enduring unimaginable heartache.
As the years pass, it becomes increasingly important for our generation to keep these memories alive. We are the living link to those who fought and fell. Our stories, our quiet moments of remembrance, and our visits to gravesites or memorials serve as vital lessons for younger generations who may only know Memorial Day as a holiday. It’s our responsibility to ensure the sacrifices of yesterday continue to inspire gratitude and patriotism today.
So, this Memorial Day, amidst any gatherings or plans, let us pause. Let us reflect on the immense cost of the freedoms we enjoy. Let us remember the fallen heroes, by name if we know them, or simply in spirit if we don’t. Their legacy is our liberty, and their memory deserves our enduring respect and gratitude
Thank you for taking the time to read this article. I also made a YouTube video “Memorial Day: More Than Just a Long Weekend” you may want to check out. It’s a short clip with scenes taken around the city including our Veterans War Memorial and the flag we put out each year on Memorial Day.
If you would like, please leave a comment below or you can email me at www.feedback@wewaonthenet.com.
I’m also beginning a YouTube channel, www.youtube.com/@wewaonthenet where I will be discussing various retirement topics and topics I come across that I think may be of interest. Check it out!
Retirement Team: Choosing a Lifestyle Coach
Today we’ll discuss what to look for when choosing a Retirement Lifestyle Coach.
This is continuing with the “Retirement Warning: Don’t Go it Alone!” article where I discussed the importance of building a Retirement Team to help with retirement and retirement planning. As I mentioned in the original article a lifestyle coach is optional but can be a valuable addition to your retirement team. I will go over the core credentials and expertise to look for in a Lifestyle Coach and give you a few questions you need to ask when choosing the right retirement team member.
This is the one team member I didn’t and still don’t have on my retirement team. While doing the research for this article, I realize how much I’m missing by not having a lifestyle coach helping me with non-financial issues. As I’ve said in earlier posts, my biggest surprise since I retired is how little prepared I was for the daily lifestyle changes. I’m looking forward to using the information below to help me find my lifestyle coach. Enough about me!
This role is increasingly recognized as vital for a fulfilling retirement, focusing on the non-financial aspects of the transition into retirement.
The Lifestyle Coach (optional but valuable)
- Experience Coaching Retirees or Those in Transition: Look for a coach who has specific experience helping individuals navigate the psychological, social and emotional aspects of retirement. This is different from a career coach or general life coach.
- Relevant Certifications (optional but a plus): While not as regulated as financial or legal fields, some coaches have certifications from reputable coaching organizations like the International Coach Federation (ICF). This demonstrates a commitment to professional standards.
- Understanding of Retirement Challenges: A good coach understands common retirement challenges such as loss of identity, managing free time, maintaining social connections, finding new purpose and navigating relationship changers with partners and family.
- Empathy and Active Listening Skills: A successful coach is a great listener, empathetic and skilled at asking probing questions that help you discover your own answers and path.
- Clear Coaching Process and Fees: Understand their coaching methodology, the duration of their programs and their fee structure (per session, monthly package, program-based). Get this in writing.
- Communication Style and Availability: Do they communicate clearly, are they encouraging and do they hold you accountable? How often will you meet and what is the format (in-person, video call, phone)?
- Focus on Action and Goals: A good coach helps you set realistic goals for your non-financial retirement life and works with you to create actionable steps to achieve them. They should inspire you to move forward.
- Tools and Resources: Do they provide any specific tools, exercises or resources (assessments, journaling prompts, reading recommendations) to support your journey?
- Client Testimonials and Success Stories: Ask for references or look for testimonials from other retirees they’ve coached.
- “Discovery Call” or Initial Consultation: Many coaches offer a free introductory session. Use this to assess their style, approach and whether you feel a good connection. This “chemistry” is vital for coaching.
- Authenticity and Personal Fit: You need to feel comfortable opening up and being vulnerable with a lifestyle coach. Choose someone whose personality and approach align with yours.
- Boundaries and Ethics: A professional coach maintains clear boundaries and adheres to ethical guidelines, respecting confidentiality.
Questions to Ask Potential Lifestyle Coaches:
- “What is your experience specifically coaching people through the retirement transition?”
- “What is your coaching philosophy and methodology?”
- “How do you help clients discover their purpose and plan for their non-financial life in retirment?”
- “What is your fee structure and what’s included in your coaching packages?”
- “What kind of commitment (time, effort) is expected from me?”
- “How do you measure success in coaching?”
- “Can you provide references or testimonials from other retirement clients?”
- “What is your process for an initial consultation to see if we’re a good fit?”
I have drawn from my own experience when planning for retirement and Gemini AI to help with these articles. I was fortunate early on to realize I needed a team to help me in the retirement planning process and have continued with my team in retirement.
Unfortunately, as I mentioned earlier, I have not added a Lifestyle Coach to my team. Doing the research for this post I realize just how much a lifestyle coach would help me in my retirement journey. I will be immediately seeking out a coach to complete my retirement team.
Hopefully, the information I’m providing is giving you a good start to retirement planning and a wonderful retirement. In the next post I will wrap up this series with the commonalities and benefits of having a retirement team approach
Thank you for taking the time to read this article.
If you would like, please leave a comment below or you can email me at www.feedback@wewaonthenet.com.
I’m also beginning a YouTube channel, www.youtube.com/@wewaonthenet where I will be discussing various retirement topics and topics I come across that I think may be of interest. Check it out!
Retirement Team: Healthcare Insurance Advisor (Specialist)
What do you need to look for when choosing your Healthcare Insurance Advisor (Agent)?
This is continuing with the “Retirement Warning: Don’t Go it Alone!” article where I discussed the importance of building a Retirement Team to help with retirement and retirement planning. I will go over the core credentials and expertise to look for in an Healthcare Insurance Specialist and give you a few questions you need to ask when choosing the right retirement team member.
Choosing the right healthcare insurance advisor for retirement planning is critical. Not all healthcare insurance agents are created equal. Finding a competent, trustworthy, and communicative agent who understands your specific needs and with whom you feel comfortable can take time and effort. Poor communication or lack of understanding can lead to frustration and potentially poor outcomes.
This advisor specializes in the complex world of health insurance options for retirees, particularly Medicare.
The Healthcare Insurance Specialist
- Specialization in Medicare and Senior Health Insurance: Look for an advisor who exclusively or primarily works with Medicare and other senior health insurance plans (Medigap, Medicare Advantage, Prescription Drug Plans). The rules are complex and constantly changing.
- Licensed and Certified: Ensure they are licensed by your state’s Department of Insurance and hold any required certifications to sell Medicare plans. They should also be certified annually by the Centers for Medicare & Medicaid Services (CMS).
- Breath of Carrier Options: A good advisor isn’t tied to one insurance company. They should represent multiple carriers to offer you a wide range of options and help you compare.
- Understanding of Your Health Needs: The advisor should take the time to understand your current health status, prescription medications, preferred doctors/hospitals and any specific health conditions that might influence your plan choice.
- Clarity of Compensation: Understand how they are paid. Most Medicare brokers are paid by the insurance companies when you enroll in a plan, so their services are often “free” to the client. Verify this and ensure there are no hidden fees.
- Communication Style and Accessibility: Choose an advisor who can explain complex Medicare terms in an easy-to-understand way. Are they patient, willing to answer all your questions and responsive? Will they provide ongoing support after you enroll?
- Scope of Services Offered: Do they only help with enrollment or do they offer ongoing annual reviews (during the open enrollment period) to ensure your plan still meets your needs? Do they help with appeals or understanding claims?
- Reputation and Client Testimonials: Seek referrals from friends, family or other trusted professionals. Check online reviews or testimonials if available.
- No Pressure Sales Tactics: A reputable advisor will educate you on your options and let you make the decision, without high-pressure sales. They should focus on finding the best fit for your needs, not pushing a particular plan.
- Long-Term Relationship Potential: Medicare and health needs change. Look for someone whois committed to a long-term relationship to help you navigate future changes.
Questions to Ask Potential Healthcare Insurance Advisors:
- “How are you compensated for your services?”
- “Are you licensed and certified to sell Medicare Plans in (your) state?”
- “Which insurance carriers do you represent, and why do you choose to work with them?”
- “How do you help clients compare different types of Medicare plans?”
- “What information do you need from me to help me choose the best plan?”
- “Will you provide ongoing support after I enroll, particularly during the Annual Enrollment Period?”
- “Can you provide references from other clients you’ve helped with Medicare?”
I have drawn from my own experience when planning for retirement and Gemini AI to help with this article. I was fortunate early on to realize I needed a team to help me in the retirement planning process and have continued with my team in retirement. Hopefully, the information I’m providing is giving you a good start to retirement planning and a wonderful retirement.
In the next post I will discuss the core credentials and expertise needed in a Lifestyle Coach. I will also include some questions to ask when choosing this retirement team member
Thank you for taking the time to read this article.
If you would like, please leave a comment below or you can email me at www.feedback@wewaonthenet.com.
I’m also beginning a YouTube channel, www.youtube.com/@wewaonthenet where I will be discussing various retirement topics and topics I come across that I think may be of interest. Check it out!
Retirement Team: Estate Planning Attorney (Lawyer)
Today we’ll discuss what to look for when choosing your Estate Planning Attorney (Lawyer). This is continuing with the “Retirement Warning: Don’t Go it Alone!” article where I discussed the importance of building a Retirement Team to help with retirement and retirement planning. I will go over the core credentials and expertise to look for in an Estate Planning Attorney and give you a few questions you need to ask when choosing the right retirement team member.
Choosing the right Estate Planning Attorney for retirement planning is critical. Not all Estate Attorneys are created equal. Finding a competent, trustworthy, and communicative lawyer who understands your specific needs and with whom you feel comfortable can take time and effort. Poor communication or lack of understanding can lead to frustration and potentially poor outcomes.
This attorney helps ensure your assets are distributed according to your wishes and that your healthcare and financial decisions are handled if you become incapacitated.
The Estate Planning Attorney (Lawyer)
- Specialization in Estate Planning (Elder Law): Look for an Attorney whose primary practice area is estate planning, will, trusts and potentially elder law. This field has specific and frequently changing laws.
- Licensed in Your State: Ensure they are licensed to practice law in the state where you reside and where your primary assets are located. Estate laws vary significantly by state.
- Understanding of Complex Estates (if applicable): If you have a complex financial situation, multiple properties, a business or high net worth, ensure they have experience with such intricacies.
- Knowledge of Tax Implications: A good estate planning attorney understands how estate, gift and inheritance taxes may apply to your retirement plan and can advise on strategies to minimize them.
- Familiarity with Non-Traditional Family Structures: If your family structure is complex (blended families, unmarried partners), ensure they have experience drafting plans that address these unique needs.
- Clear Fee Structure: Estate Planning Attorneys typically charge hourly or flat fee for specific documents (wills, trusts, power of attorney). Get a clear understanding of their fees in writing before proceeding.
- Communication Style and Patience: Estate Planning can be emotionally sensitive and involve complex legal concepts. Choose an attorney who is patient, empathic and can explain legal terms clearly in plain language.
- Collaborative Approach: Do they work well with your other advisors to ensure a cohesive and optimized plan? This is crucial for comprehensive retirement planning.
- Process for Review and Updates: How often do they recommend reviewing your estate plan and what is their process for making updates due to life changes or changes in law?
- Reputation and Peer Reviews: Check their standing with your state bar association. Look for peer reviews or ask other trusted advisors for recommendations.
- Client Centered Approach: They should prioritize your wishes and goals, rather than pushing pre-packaged solutions. They should be transparent about the pros and cons of different strategies.
- Comfort Level and Confidentiality: You’ll be sharing highly personal information. Choose an attorney with whom you feel comfortable and confident in their discretion.
Questions to Ask Potential Estate Planning Attorneys:
- “What percentage of your practice is dedicated to estate planning?”
- “Are you licensed to practice law in this (your) state?”
- “How do you structure you fees for estate planning services?”
- “What is your philosophy on probate avoidance vs probate efficiency?”
- “How do you ensure my estate plan integrates with my overall financial and tax strategies?”
- “How often do you recommend reviewing and updating my estate plan, and what’s the process?”
- “Can you provide references from other clients?”
- “What specific documents do you recommend for my situation?”
I have drawn from my own experience when planning for retirement and Gemini AI to help with this article. I was fortunate early on to realize I needed a team to help me in the retirement planning process and have continued with my team in retirement. Hopefully, the information I’m providing is giving you a good start to retirement planning and a wonderful retirement.
In the next post I will discuss the core credentials and expertise needed in an Healthcare Advisor/Insurance Specialist. I will also include some questions to ask when choosing this retirement team member
Thank you for taking the time to read this article.
If you would like, please leave a comment below or you can email me at www.feedback@wewaonthenet.com.
I’m also starting a YouTube channel, www.youtube.com/@wewaonthenet where I will be discussing various retirement topics and topics I come across that I think may be of interest. Check it out!
Sign-Up and Connect
Sign up to begin receiving my blog posts via email. ( I will never share your email address with anyone else.)
Recent Comments