Retirement is a time to enjoy the things that matter most, whether that’s exploring new places or creating lasting memories with loved ones. Pure’s Financial Advisor, Joey Bailey, CFP®, CPA, shares how thoughtful planning can help you build a fulfilling retirement filled with purpose, joy, and adventure.
He discusses:
- Estimate the costs of retirement
- Establish a budget
- Plan for flexibility
Transcript
Summer is in full swing, and we’re enjoying those sun filled days and warmer nights. But while the fun of summer is upon you, have you thought about what retirement will look like? Did you know that a third of Americans report not feel happier in retirement?1 Don’t let that be you! Flip the script and plan for a retirement that’s as bright and fun as these summer days. How do you do that?
Estimate the Costs of Retirement
First, you got to estimate how much fun you want to have and then what’s that cost going to be. What activities do you want to pursue? Sailing? Painting? Gardening? Traveling? Or spending more time with friends and family? Whatever it is, calculate the costs. Think about the costs of materials, memberships, and other expenses directly or indirectly related to your goal. Let’s say you want to take up painting. You’ll need brushes, canvases, and paints. You’ll need to rent a space to store and showcase work. Estimate the costs of the things you need, and want to do in retirement and add them all up and see what that costs.
Establish a Budget
Once you know the costs, set a portion of your retirement savings for these activities. You might find that you need to cut back on some expenses to accomplish your goal. You might find that you’re more than able to fulfill that goal.
Plan for Flexibility, Monitor and Amend
Life is unpredictable, and your interests might change. Amend your budget and savings to accommodate unexpected costs or new hobbies. If you stay flexible, you’ll be ready for anything that comes your way. Regularly review your spending on activities and hobbies. Adjust your plan as needed to stay within your budget and meet your retirement goals. Get on track, stay on track, and you’ll be enjoying your dream retirement.
Planning for fun in retirement is about more than just saving money – it’s about creating a lifestyle that’s filled with purpose, adventure, and joy. Imagine waking up every morning with no alarm clock, spending your days doing what you love, and enjoying time with family and friends. Whether that’s sailing, hiking, or simply enjoying a cold lemonade on the porch, your retirement should be a time to savor life’s pleasures. Start planning for a retirement that’s filled with summer vibes all year round.
Contact Pure for a free financial assessment and get started on your plan.
1 Think Advisor, A Third of Americans Are Not Happier in Retirement: Study, March 2024.
Subscribe to our YouTube channel.
IMPORTANT DISCLOSURES:
• Neither Pure Financial Advisors nor the presenter is affiliated or endorsed by the Internal Revenue Service (IRS) or affiliated with the United States government or any other governmental agency.
• This material is for information purposes only and is not intended as tax, legal, or investment recommendations.
• Consult your tax advisor for guidance. Tax laws and regulations are complex and subject to change.
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC an SEC Registered Investment Advisor.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Neither Pure Financial Advisors nor the presenter is affiliated or endorsed by the Internal Revenue Service (IRS) or affiliated with the United States government or any other governmental agency. This material is for information purposes only and is not intended as tax, legal, or investment recommendations.
CFP® – The CERTIFIED FINANCIAL PLANNER® certification is by the CFP Board of Standards, Inc. To attain the right to use the CFP® mark, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. 30 hours of continuing education is required every 2 years to maintain the certification.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.
