If you have spent any sig­nif­i­cant time with the Mack­ey Advi­sors team, you have prob­a­bly real­ized that we some­times sound like a bro­ken record when it comes to the con­cept of “plan­ning”.  That is because almost every new client we work with, we con­tin­ue to rein­force this huge impor­tance.

Often that impor­tance is not just placed on the finan­cial side of plan­ning, but on the emo­tion­al side.  The two go togeth­er hand in hand to make sure major life events are times to be cher­ished and enjoyed…not feared.

Many folks retir­ing come to find that what was always sup­posed to be a joy­ous occa­sion is becom­ing some­thing to dread.  For many peo­ple the fear comes from the emo­tion­al shift of sav­ing and watch­ing account val­ues go up to with­draw­ing and pos­si­bly watch­ing account val­ues go down.  For some­one who has worked for 40 years, espe­cial­ly if they have what we call sav­ings “DNA” that can be emo­tion­al­ly wreck­ing.  Some folks can have the bat­tle com­pound­ed by bore­dom or a feel­ing of use­less­ness that often sets in short­ly after retir­ing.

Work­ing as a team we can avoid these pit­falls.  We use a vari­ety of strate­gies to help folks bet­ter under­stand the tran­si­tion from sav­ing to spend­ing.  Through smart con­ver­sa­tions about how invest­ment mod­els can sup­port spend­ing needs to the poten­tial usage of buck­et strate­gies, a pic­ture can be paint­ed that gives peace of mind dur­ing the shift to retire­ment.

It is also impor­tant for each indi­vid­ual to plan emo­tion­al­ly for them­selves too.  Often retire­ment can be a tran­si­tion that may take 5–10 years through a grad­u­al­ly declin­ing work­load.  That can make it a nat­ur­al process vs. an abrupt shift.  Hav­ing deep thoughts and con­sid­er­a­tion about what a day in retire­ment might look like is also essen­tial.  Map out those hob­bies that you have aban­doned, decide where your years of tal­ent in the work­force can ben­e­fit char­i­ta­ble orga­ni­za­tions, and plan to stay engaged.  Keep reg­u­lar lunch meet­ings with your for­mer co-work­ers and maybe even con­sid­er if part-time employ­ment wouldn’t actu­al­ly be some­thing you might enjoy.  The extra income can also help with that emo­tion­al mon­ey shift we dis­cussed ear­li­er.

Retire­ment is just one exam­ple of an excit­ing time in life that can be over­shad­owed by fear.  A wed­ding, a new baby, a child head­ing off to col­lege, even a large “buck­et list” vaca­tion, can bring about an anx­i­ety and fear that can ruin the occa­sion.  Why spend $20,000 on a Euro­pean riv­er cruise if the whole time you are gone your stom­ach is in knots about whether it was a wise finan­cial deci­sion?

Life is meant to be enThe Prosperity Experiencejoyed and the big events in it cer­tain­ly should be no excep­tion.  What we call Pros­per­i­ty Plan­ning isn’t just about num­ber crunch­ing it’s about bring­ing edu­ca­tion and vis­i­bil­i­ty so the best times in life can be had free of fear and always lived to the fullest.