Complexity in the Exploring Years
For many, the Exploring stage of life (years after age 66) represents a significant time of self-awareness. During this time, which has been traditionally known as “Retirement”, our financial and professional responsibilities begin to diminish, and we are afforded the opportunity to enjoy and explore our lifestyle more than ever before. Children have grown and left home; family life is being redefined, and careers have peaked. Real estate values and portfolios have also accelerated, so we have the time and the money to take a step back and enjoy life on our own terms.
Although this is a wonderful time of freedom and exploration of a new lifestyle, there are challenges in this time too. Growing older can present its own problems, and worries about financial security is an important one of them. It’s a time when uniquely successful individuals become aware that their financial lives have become complicated enough that they deserve a closer look. Many wealth management details that must be addressed, including when to take Social Security how much income to take from the portfolio, what kind of budget should be followed and other issues related to managing the later stages of life.
For many couples in the Exploring stage, you may arrive at this conclusion: “I’m entering a new stage of life; I need to take my personal financial life more seriously.” For many, this realization becomes a catalyst to decide that they need a new advisor to help deal with the increasing complexity.
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