It comes as no surprise that managing the marathon is about playing the long game. Here’s the thing about this sport: someone is out there making a comeback, someone is in the middle of a breakthrough, someone’s battling an injury, and someone is celebrating a win. The beauty of running is we’ve all been on top, and we’ve all been on the bottom. We’re forever underdogs looking to achieve more, setting goals on each path to the final finish line.

A watch is a guide, not a purpose photo

As seen in the picture above, your watch and the pace you take along the way is not your purpose, but rather a guide when aiming towards the destinations you seek to reach. Just as a financial planner is equally a guide to your financial goals and retirement. Are you currently striding towards retirement? If so, you probably have a lot to think through before making that big decision.

One of the first things to consider is how you are planning on spending your time. When the long work weeks finally come to a stop, it can be a challenge to first establish a new routine. Sure, you can fill your days watching those daytime talk shows on TV, but is that how you really want to spend your time? The beauty of retirement is it gives you the flexibility to finally focus on your passion. Whether that’s getting more involved within your community, joining a club, or even keeping a part-time job. The time is well-earned, so why not use it with purpose? But where will you live?

It is no secret that many continue in the sport of running well into retirement. Are you dreaming of morning runs on those mountainous coastline trails? Or is it the place where family and friends are near? Giving significant thought to these questions will be a vital component in the decision making of retirement.

More importantly, what can you afford? Are you set up financially for the lifestyle that you ever so desire? How are you planning to finance those final years without an inflow from a paycheck? This is where the long game of planning starts to pay off. Some of your expenses may stay the same, but it is important to be prepared for others that may not. Other things to plan for are the advantageous ages to start taking Medicare and Social Security.

Of course, the key to retirement is having the discipline to put away money during your working years, whether that is a 401k, 403b, IRA, SEP-IRA, ROTH IRA, or SIMPLE. If you are thinking about that retirement finish line, remember the reasoning behind that big decision must be according to your personal life plans and goals.

At JGUA, we have a team of advisors that have walked clients through these similar questions, preparing an honest valuation, helping individuals achieve their retirement goals. We would love to help you plan and attain your retirement passions.