October 23, 2018 | eFocus @ Legacy

By: Kathy Brost, Trust and Financial Advisor, Legacy Private Trust Company

I talk to a lot of people about what they want to do with their lives. For those who are still working, it usually becomes a discussion of what they want to do when they retire. My friends, our clients, my family—people in their 40s, 50s and early 60s all want to know if they have enough money to retire. But whether or not you have enough assets to retire really depends on what you plan to do in retirement. Not surprisingly, everyone’s vision for their retirement is unique; that is, assuming they’ve given it some thought.

I’m consistently surprised by how many people haven’t seriously considered what they want to do with the rest of their lives. It’s difficult to figure out whether you have enough money if you don’t know what you want to do or what it will cost. Therefore, I’ve started asking my clients the following three questions:

  • If money was no object, how would you live your life? Would you change anything? Let yourself brainstorm. What does your dream look like?
  • Now imagine that your doctor tells you that you have 5-10 years left to live. You will never feel sick, but will have no notice of the moment of your death. What will you do in the time you have remaining?
  • Lastly, imagine that your doctor tells you that you only have one day left to live. Ask yourself: What did I miss? Who did I not get to be? What did I not get to do? What do I regret?

Give these questions some thought and write down your answers, and you will uncover what is really important to you, regardless of your age. Whether it’s exploring a second career, spending your free time in meaningful ways, or planning your legacy, the answers to these questions can help you decide how you want to live the rest of your life. Then we can work with you to design a plan to use your assets and investments to support your goals and dreams.

Legacy offers financial planning services at no cost to our clients. When you are thinking about retiring, wondering if your money will last as long as you do, planning a large purchase, or are concerned about your estate plan being up to date, we can help you. Call your account administrator to get started.

“Rather than focusing on having enough money to ‘retire’, consider having enough money to be ‘financially independent’ – to have enough money to do what you want, when you want, with whom you choose, at the pace you’re comfortable with.“   Mitch Anthony.