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BEWARE THE LIFESTYLE TRAP

By Ken Burke. CFP and Carla Edwards, MBA Ph.D

 

Most of us over 50, see our older adulthood as opportunity and hope looming on a distant horizon. Our culture in the United States tells us that staying young and passionately alive, now and into retirement; is not only possible but probable. We believe and we fail to plan. After all we are strong! We have faced loss, family problems, and health issues; only to survive and thrive. We look at that distant future on the horizon, called retirement, through rose colored glasses. Between today and that distant horizon there is a Lifestyle Trap. This trap is waiting patiently, biding its time, waiting to interfere with our retirement plans. Today, our homes are paid for and college educations for the children are taken care of after years of hard work and perseverance. Now, we are free to roam the internet looking for new and exciting things we can’t believe you ever lived without. We can take those luxury trips we always dreamed about and spend more disposable income than ever before. But it’s a trap, a Lifestyle Trap. Spending can become a way of life that traps us in a future drop in lifestyle.

Consider the example of a highly successful couple.  At age 50, they have a choice to step up into a better lifestyle or to save and invest the windfall. The effect of this decision can be dramatic.  Save it and retire at age 65 with no drop in spending or comfort at all or spend it and be faced with a dramatic drop in income and comforts at age 65.   This is not just a drop compared to the windfall years, but to a level of less than they had almost all of their working lives.

This and other serious issues can best be addressed through careful planning.  If you know what the consequences of your current actions, you can make informed decisions.   Have you made a plan?

 

Ken Burke and Carla Edwards provide financial planning and financial coaching by appointment.

Contact 913-827-4107 for a free consultation.

Why is Retirement Planning Necessary?

By Ken Burke. CFP and Carla Edwards, MBA Ph.D

 

There is a change coming to our country and to our economy! Seventy-Six million Baby Boomers will retire in the next ten to fifteen years! Ten Thousand baby boomers hit retirement age every day in the USA! Of these retirees, 54% plan on continuing to work or starting a new business. Retirement is no longer an ending. We are healthier and live longer than any generation before so many Baby Boomers may actually spend more years in retirement than they did in their primary career.

Retirement Planning is no longer about planning the end of your life. It can be a new beginning where you look forward to recreating yourself and finding a life path that suits you and fulfills long held dreams that you once thought out of reach. Research on retirement says that most people have spent more time planning two week vacations each year than they spend planning retirement! While it is so very important to plan financially for the future, making sure your finances are arranged with consideration of your life dreams and meaning in in your life is just as important. Where will you find purpose and meaning in life as your work life and family life changes? How will you face the normal changes related to aging and how will you plan for the challenges of living well past 70 years of age?

Planning a successful retirement is similar to planning any other important aspect of life. When you planned for a career, in your younger years, it took time, resources, and motivation to jump through all the hoops required to build skills and focus yourself on the goals you wanted to achieve. Retirement planning is no different. The secret to a positive retirement is having the assistance, education, insight, tools and resources to renew and re-create yourself. That’s what we do here at PAS, with Patient Attention and Support we use our skills and talent to help people who want to make sure that retirement is successful!

Our proprietary process is called the PAS Confidence Model and we want to be your champions and guides to make things as understandable and simple as possible for you so that you can create the script for your retirement and see the movie in your mind of how it will be.

We care about every client every day and provide services well beyond the usual financial advisor stereotype. PAS experts are highly trained and experienced individuals who will take the time with you and your family to put you in the director’s chair of your retirement. Give us a call and schedule your complimentary no obligation consultation to start the show! Let’s see if we are a good fit to work with you by getting to know who

you are and how you want to direct your life after retirement. In our first consultation we will listen and learn about you and you will learn about us to determine if we can assist you.

 

Ken Burke and Carla Edwards provide financial planning and financial coaching by appointment.

Contact 913-827-4107 for a free consultation.

How Can a Retirement Coach Help Me to Retire with Fewer Worries?

By Ken Burke. CFP and Carla Edwards, MBA Ph.D

 

Over the past 20 years the traditional pension plans, that our grandfathers could count on, have declined and are a luxury that only a few can claim.  Many Americans, in their fifties, are concerned about when to retire, what retirement will look like, and how they will fund retirement. Some of these adults have taken the bull by the horns and participated at varying levels in financial planning and are saving to retire. Yet they still don’t have a clear vision of what retirement will look like or when to retire. In the past, our parents and grandparents just assumed they would retire at age 65 and could count on social security and a pension. Today without pension plans and a heavy reliance on the financial landscape times are uncertain and unpredictable at best.  Today many Americans work past age 65 as new expectations for longevity and better health give us choices our parents and grandparents did not have. So how do we make decisions about when to retire and what considerations are brought to the table as we explore this important life decision?  One way to address these issues is to work with a knowledgeable and experienced retirement coach.

Retirement coaching is a relatively new industry with a lot of misconceptions about it. Unfortunately, there is a lot of stigma wrapped around coaching services and many think coaching is like therapy or consultation. But retirement coaching is not the fluffy simple conversations with a kindly face.

Retirement coaching is also about helping people employ skills they already have and to build skills they may need as life changes. It is also about making people aware of the psychological and behavioral threats and dangers that lurk in retirement related to life choices and finances.  It’s not only changing the way people approach retirement, but it’s also focusing on seeing retirement as another life change similar to going to college, getting married, or having children.  Looking at how we face change is an important factor in how motivated and dedicated we are to making our dreams come true!

There are a lot of things people don't think about when it comes to retirement, they often assume that it’s a time to relax and wait for death. But it is not! It’s a time to look at change in much the same way you have looked at other life changes.

Retirement Coaching is about helping people get a better idea of the attitude and personal resources it takes to make a successful transition to a change in life. Feelings and emotions related to any life change can show up unexpectedly. A Retirement Coach can help you with many things!

 

Your Values and Retirement!

Sometimes our emotions can sneak up on us and deal unexpected blows. Understanding what triggers difficult emotions is often a matter of looking at the conflict between your values and your behavior. If you have always valued achievement and retirement becomes a time of rest and vacation, you may struggle more than someone who values vacation and rest in retirement. If friends and social experience are a priority for you and you move to a new community in retirement, you may find that you are out of sorts and down until new friendships  are built. If you’ve always been healthy or prided yourself on staying active, but are sitting on the couch relaxing more often, you can feel like you’re in a rut and unsure of how to get out of it. As many Americans have focused on work and family, they may not realize that they have other values that need to be explored and brought to light as they retire. Working with a knowledgeable coach with many years of experience can lead to quicker personal results… and save people from learning things the hard way.

 

Under or Over Idealized Retirement!

On TV and in the movies retirement is often seen as either a joyous long vacation or a terrible time of boredom and uselessness. Both extreme views can lead to mental and emotional difficulties that interfere with realistic planning.

For retirees who see the retirement and aren’t aware of challenges or retirees who can’t seem to see the opportunities retirement can quickly transform into a nightmare.

It’s also important to understand that retirement often magnifies what people already are, not what they want to be. That means if a pre-retiree is unhealthy, has bad habits, or prefers to keep to themselves, retirement will foster more of that, rather than facilitating new changes and habits. A retirement coach can help change stereotypes, attitudes, and behaviors with simple and practical ideas.

 

Facing Unexpected Change!

The greying of divorce is a term used to describe those individuals over 55 who chose to leave life partners when facing retirement to explore life on different terms. This can be a very overwhelming and unexpected life event. Lose comes in other ways as we age, chronic illness can rear its ugly head with health problems for either the retiree of family and friends.  The death of close friends and family, as we grow older can also send us into a tizzy.

Ageism is a reality in our culture. Those who chose to work past the age of 65 often face ageism in the workplace that moves them to consider retirement, even though they are still functioning at levels higher than younger colleagues. The corporate ladder is shorter for younger employees as those of us who are older retire and make room at the top for them. Yet, retirement without knowledge sharing can create more than position openings in a workplace. How and whether, we face leaving the workplace can have a lot to do with how well we adapt to retirement. Whether they are mental thoughts or actual actions, when things don’t go as planned, people need resources, tools, and support. A retirement coach can be an excellent resource to turn to!

 

Ken Burke and Carla Edwards provide financial planning and financial coaching by appointment.

Contact 913-827-4107 for a free consultation.

Ken Burke, CFP®
Principal

Carla Edwards, MBA, Ph.D

Financial & Life Coach

 

4901 W. 136th Street

Leawood, KS 66224

For appointment call:
(913) 827-4107

 

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