What to Do When Your Retirement Goals Change

About the author: Lamar Watson, CFP®, is a Fee-Only Financial Advisor in the Washington, D.C., area who works with clients virtually across the country. Dream Financial Planning is a Fiduciary Financial Planning firm specifically designed to help individuals at any stage of life take control of their finances and fulfill their dreams. Feel free to schedule a Free Consultation to learn how we use the DREAM Financial Planning Process ™ to help our clients achieve their goals. 

To close out the summer I'm waiving the initial fee for new and returning ongoing financial planning clients for the month of August. The ongoing financial planning program also includes tax prep for your personal taxes. Don't miss this limited-time opportunity to achieve financial success at a significant discount to our normal pricing. Regular prices are:

• $999 Initial Fee and $400 per month for individuals
• $1,499 Initial Fee and $600 per month for couples

I recommend a minimum of six months for this service, but you can cancel anytime. You can learn more about our fees and services at the links provided.

Do you know how much you need to make work optional? If not, we can help.

• Learn how we use the Elements® Financial Monitoring App to give our clients confidence they’re making the right financial decisions to achieve their Dreams.
• Feel free to create a free profile so we can help you determine how much you need to retire.
• We start with a One Page Financial Plan to help you quickly identify areas that require a closer look.
• Next, we'll review your Financial Independence Presentation to show you the magic number you need to make work optional and how much you should aim to grow your net worth per year to reach Financial Independence.

If you'd like help setting yourself up for financial success feel free to schedule a free consultation. You can learn more about our fees and services at the links provided.

Retirement strategy is a bit like setting sail on a journey. You can plot your course, prepare your route, and set off with a clear destination in mind, but things can always change, no matter how well-prepared you are.

Maybe you envisioned a quiet life in the countryside but now find yourself drawn to the vibrancy of city living. Maybe health concerns have prompted a reassessment of how you want to spend your golden years. Perhaps you decide that you want to continue working (after all, 57% of Americans expect to work after retirement).¹

Whatever the reason, changing retirement goals is not uncommon, and the key lies in how we adapt to and navigate these new waters.

How to Embrace Change in Retirement

It's essential to remember that changing your retirement goals doesn’t mean you’ve failed. It means that you’re willing to adapt and create a retirement that works for you. So, if you find yourself in a situation where the retirement you once imagined no longer aligns with your current desires, here are some steps to consider:

Reflect on Your New Priorities
Before making any drastic changes, take some time to reflect. What has prompted this shift in your retirement goals? Is it a newfound passion, a change in health, a desire to be closer to family, or something else entirely? Understanding the root cause will help you make more informed decisions moving forward.

Review Your Finances
Changing retirement strategy can have financial implications. If your new goals involve a different lifestyle, location, or activities, reassess your financial situation. Consider consulting with a financial professional to understand how these changes might impact your savings, investments, and retirement income.

Adjust Your Retirement Strategy
Once you clearly understand your new priorities and financial situation, it's time to adjust your retirement strategy accordingly. This might involve updating your retirement budget, reallocating investments, or exploring new income streams. Be flexible and open to making changes that align with your revised goals.

Stay Flexible
As you navigate these changes, remember to remain flexible. Life is unpredictable, and strategies may need to be adjusted along the way. Embrace the journey and be open to new opportunities that may arise.

Prioritize Your Health and Wellness
Regardless of your retirement goals, prioritizing your health and wellness is crucial. Make sure to include healthcare costs and considerations in your revised retirement strategy. Stay active, eat well, and attend regular check-ups to ensure you can fully enjoy your retirement years.

Communicate with Loved Ones
If your new retirement goals involve significant lifestyle changes, it's important to communicate openly with loved ones. Discuss your goals with your spouse, family, or close friends. Their support and understanding can make the transition smoother.

In the end, retirement is not just about reaching a destination; it's about embracing the journey. Life is full of twists and turns, and our goals and aspirations will naturally evolve over time. By staying adaptable, proactive, and true to your passions, you can create a retirement that reflects the life you want to live.

Different Ways You Can Work With Us

Wealth Management - Combines ongoing financial planning and investment management. The financial planning fee is waived if we manage at least $1,000,000 in investments for you. You can review our investment management fee structure here. Tax Preparation and the ability to create a Will or Revocable Trust-based Estate Plan will be included.

Ongoing Financial Planning - Starting at $400/month, our most popular program now includes tax prep. This is a good fit if you have several goals and want the option to manage your investments. We'll cover everything from spending, insurance, taxes, investments, retirement planning, and estate planning. Our goal is to give you and your family an easy-to-understand comprehensive plan to provide you with confidence you're making the right financial decisions.

One-Time Financial Plan With Ongoing Support - Starting at $4,800, this is an accelerated version of the service above with additional support for one year after your start date. This service requires prepayment for the year and is offered at a significant discount from the annual pricing for ongoing planning. Tax Preparation and the ability to create a Will or Revocable Trust-based Estate Plan will be included.

Tax preparation is now part of the ongoing financial planning program. This will be in addition to the Tax Report we already generate for clients and our work with the IRS Withholding Calculator to help prevent our clients from getting a surprise tax bill.

Three-Hour Ask Me Anything - This is a good fit if you have 2-3 goals you want help with. These three one-hour meetings need to be completed within three months. The fee for this service is $2,000. You also get a free 30-minute meeting to help us get started.

Financial Coaching - Our financial coaching program starts at $99/month. This is ideal for someone who is looking to simplify and automate their finances. We'll also serve as an accountability partner and help you overcome obstacles that may be stopping you from accomplishing your goals. You can learn more about our coaching program here. If you think this program might be a good fit for you, schedule a 15-Minute Demo.

Hourly Financial Planning -Billed at $400 per hour. For each hour of meeting time, we'll bill at least one additional hour for meeting preparation and follow-up.

Our Full-Service Process For New Clients

Net Worth and Budget

The first thing I do for new clients is assess their current financial situation. We do this with the aid of financial planning software. We review assets, liabilities, income, and expenses. If you'd like to test drive my comprehensive financial planning software, visit Right Capital and create a profile. View this Right Capital video to learn more.

Insurance

As a Fee-Only Firm, we don’t sell insurance or charge commissions. However, we like to review home, auto, and umbrella insurance to make sure you have the proper coverage. We’re happy to work with your existing agent or refer you to an independent broker to make sure you get the best deal. We also look at your employee benefits, long-term and short-term disability insurance, along with life insurance to make sure your family is protected.

Tax Preparation and Tax Planning

Tax preparation is now part of the ongoing financial planning program. This will be in addition to the Tax Report and Tax Planning we already generate for clients. We also use the IRS Withholding Calculator to help prevent our clients from getting a surprise tax bill.

Investments

Whether you want us to manage your investments or you want to manage them yourself and you're just looking for a second opinion, we can help. We'll help you optimize your investments to make sure you’re not leaving any money on the table. Here’s an example of the quantitative analysis I can do for your investment accounts where we also evaluate your current fees.

If you’d like to review your risk tolerance, complete our risk tolerance questionnaire. This will give you your personalized risk number as seen on page 1 of the sample portfolio above. Feel free to check out the article 10 Best Tips for Beginning Investors from U.S. News where I shared a few investment tips.

Retirement Planning

This is where we bring everything together. Take a look at the links below for examples of some of the deliverables we prepare for clients.

• Get Your Free Retirement Check Up
• Elements® Financial Monitoring App
• One Page Financial Plan
• Financial Independence Presentation

Estate and Legacy Planning

If you're looking for a cost-effective solution to get your estate planning documents in place, we can help. We have partnered with a leading Estate Planning platform to deliver high-quality Estate Planning documents for a fraction of the cost of working with an attorney. I included a blog post below that highlights the key documents that should be in your Estate Plan and my normal pricing.

What's In Your Estate Plan?

Revocable Living Trust-Based Estate Plan

• Individual - $1,600
• Couple - $2,100

Will-Based Estate Plan

• Individual - $900
• Couple - $1,400

I hope we get the opportunity to work together. If you'd like to see if any of these services are a good fit for you, feel free to schedule a free consultation or send me an e-mail.

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