Of all the lessons in gracious conduct including painful mistakes and sweet amends that the Packers and Brett Favre taught us during these past few years, one of the most obvious is this: it’s really difficult to retire. Once viewed as the golden years, a time for sunset walks, daily golf games and afternoon tea, retirement for today’s American worker can be fraught with peril. As appealing as it may seem when the alarm clock goes off in the pre-dawn hours and you haven’t slept well due to work stress, retirement can cause even more anxiety, especially if it hasn’t been well-planned. The first question you need to ask yourself before you consider retiring is, what do you intend to do with your time? Many people wrap their whole identity in their job title, and waste time floundering for the first few years of their retirement because they have nothing to do. Take some time to envision your own perfect retirement. Go beyond the leisurely morning coffee and stress-free Sunday nights. Ask yourself how you will fill each day. Will you pursue a hobby? Volunteer? Travel? Consult? These questions lead us to the second question you should ask yourself: Will my money last through my whole retirement. Actuarial tables only tell part of the story.  You can’t know how long you’ll live or what your quality of life will be, but you can make an educated guess and protect yourself. See an advisor with a fiduciary responsibility and set up a plan. Will you need a long term care policy? Most likely you will, but the effectiveness of these plans vary wildly and you don’t want a salesperson who is looking for a commission to guide your research. Would an annuity make sense? You may want to purchase a fixed annuity as a portion of your retirement plan, but, again, these products are complicated, nuanced and they can be expensive…. | Read More »