Warming Up for Retirement

retirement planning

Almost everything we do has some type of a preparation process or warm-up routine.  From playing golf to driving a car, every activity has certain steps that should be taken before you begin, and retirement is no different. This next period of your life requires some warming up – financially and otherwise.

Preparation is everything in life. Think of a pilot performing their pre-flight routine and inspections. They walk around the entire plane looking for any visual problems on the body, wings, landing equipment, tail, and nose to make sure it looks proper. Next, they do a pre-flight check of all systems inside the cockpit as they enter their route information. For the pilot, this is part of their routine, but they must be actively engaged in the preparation process or the outcome could be tragic.

The same holds true for someone like a heart surgeon who may perform hundreds of surgeries over their career. They adhere to a very regimented preparation process because the outcome of their actions is literally a matter of life and death. It would probably be safe to conclude that the more important the event is, the more important it is to have a thorough preparation process.

That’s why it’s hard to believe that so many people arrive at retirement without the type of preparation an event of this magnitude deserves.  All of the activities mentioned above only last for a matter of hours, whereas your retirement could last for decades. It’s ironic that some people will dedicate time to researching the latest golf equipment in hopes of improving their game but haven’t taken the time to have their portfolio rebalanced or risk assessment updated.

Transitioning into retirement is no small task, and it’s important to think about how you’ll do it from a lifestyle standpoint, not just a financial standpoint. How will you keep yourself occupied and engaged? Do you wish to travel? What are some goals you can set for yourself or some activities you’ve always looked forward to doing in retirement?

Achieving the outcome you desire in retirement takes a commitment to the process of getting properly prepared.  If you aren’t sure that you’re warming up for retirement correctly, maybe it’s time we meet.  During our complimentary, no obligation financial review, we’ll take the time to understand your retirement goals and discuss how we can design a plan that helps you achieve them.

The commentary on this blog reflects the personal opinions, viewpoints and analyses of BML Wealth Management’s employees providing such comments, and should not be regarded as a description of advisory services provided by Cooper Financial Group. The views reflected in the commentary are subject to change at any time without notice. Nothing on this blog constitutes investment advice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future returns.

Investment Advisory services are offered through Cooper Financial Group, an SEC Registered Investment Advisory firm. All Insurance Services are offered through BML Wealth & Insurance Services. California Insurance License #0M15550. BML Wealth Management & Cooper Financial Group are not affiliated.

We do not provide tax or legal advice, all individuals are encouraged to seek guidance from qualified professionals regarding their personal situation. Any references to protection benefits or steady and reliable income streams in this guide refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by insurance company. Annuities are not FDIC insured. Indices mentioned are unmanaged and cannot be invested into directly.

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