Life’s Critical Transitions For Retirees – Finger Financial Five #28

“If you want to go fast, go alone.  If you want to go far, go together.” – African Proverb

I grew up watching animal shows on the Discovery Channel with my dad.  One story that stuck out for me was about dolphins.  They were observed to support sick members of their pod until they got better.  They would swim under the sick member and hold them up, so they could breathe until better.  We humans have times when we could use support, too.  

The life of a retiree has several critical times of transition.  During these times, emotions can run high.  We need to be mindful and prepare as well as we can in order to avoid causing harm both financially and in our relationships. Here are a few of the many transitions in life:   

  • Retiring– You now have a lifetime full of Saturdays, now what?  Many retirees travel and start doing all the things they dreamed about.  However, after a few months or years, boredom sets in.  Leisure is leisure, when you have work, but without work your leisure can become work.  What is the number one thing retirees do after retirement? Go back to work, but in a more fulfilling way.    This can be volunteering, consulting, teaching, or any other area that may give a sense of purpose or fulfillment.  Point here is to be mindful of your feelings.  Be flexible with your intention for the future.  Your feelings and intention of what retirement looks like for you can change and that is ok. 
  • Caring for aging parents– Can be a financial, emotional, and in some cases a physical strain.  Having the proper documents in place to be able to make financial and healthcare decisions for parents, can be helpful.  Many people shy away from considering and talking about their mortality.  Having open conversations in advance can lead to smoother transitions in the future.  Unfortunately, I have seen families torn apart when things were not planned for properly.  It is sad.   
  • Relocating or building a house– We bought a house in 2017, remodeled, and moved from our home we had for 17 years just 4 miles up the road.  Simply getting rid of all the crap we accumulated and didn’t need was a chore. Many retirees relocate to the Myrtle Beach area from hundreds of miles away.  Here is a Retirement Relocation Checklist that outlines many of the challenges and solutions.    
  • Helping family financially-Sometimes we may choose to help someone temporarily.  Sometimes we choose to help someone permanently.  There can be a variety of reasons, but the most common are health related.  Budgeting properly and having honest conversations can set the stage for your own financial well-being and set proper expectations with family members.  
  • Death of a parent or spouse -can be one of the most trying times in someone’s life.  For me, when my dad died, I know much of the family responsibility fell on me.  I no longer had backup.  Same for a death of a spouse.  Like people say, it takes a village.  We are not alone in this world.  It is ok to ask for help. 

In life, it is better to prepare instead of repair. Having people you can rely upon to help you through times of stress can be extremely comforting.  If it works for dolphins, it should work for us humans, too, right?    

Let me know if you have any questions or need any help with anything.  Feel free to click here to setup a time to talk. 

On the lighter side, I rode bikes with my friend, Greg, last week. We go early to avoid traffic.  Greg was moving quickly north on highway 17. I followed.  He turned into the Galleria shopping center parking lot. He was moving too fast to avoid a huge pothole, which he tried to bunny hop over.  He almost made it. His back tire caught the hole and popped.  Once I saw he was ok, we had a good laugh.  I rode home, got the truck, and we had breakfast at Blueberry Grill.  Guess you could say, I was his dolphin for the day.  

Hope all is well with you and your family,

Jeremy Finger, CFP®, CIMA®, CRPC®, CPFA

Founder & CEO
Wealth Management Advisor

Finger Financial Five – 5 points in 5 minutes or less – is to provide you with a weekly shot of useful financial information.  My intention is to share principles, so that you will have more clarity and peace, that help you make better financial decisions.

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Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor; DBA Riverbend Wealth Management.

This content is developed from sources believed to be providing accurate information and provided by Riverbend Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.


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