8 Important Conversations Before You Retire | Drew Marinelli
Gerber Kawasaki Wealth & Investment Management
A New Generation of Financial Advisors
8 Important Conversations Before You Retire?
By: Drew Marinelli?
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As retirement looms, it’s easy to focus solely on financial preparations. However, one of the best resources for retirement advice often lies closer to home: the people you trust most. Major life transitions, like retirement, require thoughtful counsel. As Patrice Jenkins, an organizational psychologist, suggests in her recent publication in the WSJ, having these eight conversations can help you identify retirement blind spots that you may not even be aware of.?
Here are eight crucial people you should speak to before taking the plunge into retirement:?
1. Your Spouse?
It may seem obvious, but many couples overlook this important discussion. Jenkins emphasizes the need to align your retirement goals with your spouse. It's crucial to understand each other’s expectations and preferences. If you’re not on the same page, now is the time to listen, discuss, and compromise. For example, Jenkins and her husband discovered their different approaches—he was ready to wind down, while she was gearing up for new ventures. The key is finding common ground.?
Key question: "Why do you want me to retire—or not retire?"?
2. Your Adult Children?
Your grown children are integral to your retirement plans, especially when it comes to future care. Financial planner Tom Balcom suggests involving them in discussions, as they often play a role in your later years, from caregiving to housing choices.?
Key question: "Where will you be living when I retire?"?
3. Your Doctor?
If you’ve had a long-standing relationship with your doctor, their insight can be invaluable. They’ve likely observed how patients adjust to retirement and can offer advice on how to stay healthy post-retirement. This is also a chance to ask about any health concerns that may impact your future.?
Key questions: "What have you noticed about patients who adjust well to retirement?" and "Is there something I’m ignoring that could affect my health?"?
4. Your HR Chief?
Your company’s HR department can provide key details about your retirement benefits, such as pension plans and 401(k) options. Jason Parker, a Financial Adviser, suggests asking how to structure your retirement savings before leaving the workforce.?
Key question: "Can you help me get my retirement structure in place before I retire?"?
5. Your Closest Siblings?
Siblings often know you better than anyone else. If you're close, they can provide a unique perspective on what might be challenging for you during retirement. If you're not as close, consider whether living near them could help or hinder your retirement plans.?
Key question: "What do you think will be most challenging for me in retirement?"?
6. Your Financial Adviser?
No retirement discussion is complete without speaking to a Financial Adviser. While it’s essential to assess whether your portfolio is ready for retirement, it’s also important to consider your overall transition. Mitch Anthony, a personal finance author, advises asking about the traits of clients who have adjusted well to retirement.?
Key questions: "What is the most important trait in clients who adjust well to retirement?" and "Is my retirement financially feasible?"?
7. A Trusted Colleague?
Sometimes, a colleague can offer a different perspective on whether it’s the right time to retire. They know your strengths and weaknesses within the workplace and might offer insight into new opportunities or suggest you’re retiring prematurely.?
Key question: "If you were me, would you retire at this stage?"?
8. Yourself?
Lastly, take time for introspection. Retirement is a major transition, and it’s essential to ask yourself what you're retiring to, not just what you're retiring from. Be honest about your confidence in this change and take steps to address any uncertainties.?
Key question: "What am I retiring to?" and "How confident am I that I will successfully transition into retirement?"?
By having these conversations, you’ll be better prepared for the next phase of your life, helping ensure a smooth and fulfilling transition into retirement.?
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Drew Marinelli is a Financial Advisor of Santa Monica, California-based Gerber Kawasaki Inc., an SEC-registered investment firm with approximately ~$3.16B billion in assets under management as of 9/30/24.? The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which course of action may be appropriate for you, consult your financial advisor. No strategy assures success or protects against loss. Readers shouldn't buy any investment without doing their research to determine if the investments are suitable for their situation. “All investments involve risk and one should consult a financial advisor before making any investments. Past performance is not indicative of future results."?