Life’s Financial Summit: Planning Your Climb
October 23, 2020, by Rob Lane in Financial Planning Retirement Planning
Tags: Financial Planning, Retirement
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I live a short car ride away from an off-leash dog park that sits on the windy shores of Puget Sound here in the Pacific Northwest. When I am not throwing sticks or managing my rambunctious young pooch Toby and his more responsible older sister Phoebe, I often find myself reflecting on my family, my work and my career. Since turning 50 in August, I have spent more of this time reflecting on finances while I breathe the salty air and gaze at the distant Olympic Mountains. While I give considerable thought to my finances, I spend more and more time thinking about the finances of others. This article provides a high-level look at the financial phases of life and what we should be thinking about as we set our sights on the summit.
Surveying the Mountain and Staging the Climb: Foundation Building and Early Accumulation
It is around this age that most people develop attitudes toward spending and saving that impact them throughout their lives. Important decisions about debt, lifestyle and saving begin for most folks after they graduate high school. Whether young adults attend college or launch their careers right out of high school, they begin making decisions related to:
For their survival (and their happiness) it is critical young adults develop a thoughtful, pragmatic approach to dealing with money. It is essential they learn that financial goals are met through hard work, constrained spending, diligent saving and smart investing. Doing so while they are single and have limited responsibilities will make it easier as their lives become more complicated.
The Climb: Prime Accumulation and Life Expansion
People rely on the financial muscle memory developed while they were surveying the mountain and staging the climb as they work through the alternately wonderful and bewildering challenges of the climb. They help their children prepare to thrive in a complicated world while at the same time acknowledging their mortality and that of their parents. They buy life insurance and have Wills drafted. They help their parents negotiate the realities of aging with dignity. All the while they fully engage in their careers and they stare retirement in the eye.
Reaching the Summit: Retirement and Wealth Distribution
While retirement looks very different to people, preparation for a financially successful retirement involves many of the same activities. Whether it is a “feet-up” retirement or a shift from a stressful career job to a more altruistic (often lower-paying) pursuit, nearly every successful retirement involves careful planning, disciplined saving, prudent investing and a realistic distribution plan. Crucial tasks for people in or approaching retirement include:
How Can Private Ocean Help You Reach Your Summit?
Our team at Private Ocean is dedicated to helping people navigate the endless switchbacks and altitude changes that impact their financial journeys. Our range of services is broad. Among the services we provide our clients are:
Contact us and one of our advisors can help you with your climb – no matter where you are on life’s journey.