the Reinvention Years: It's More Than Retirement
CFP Board Presents Fifth Phase of “Lifelong Financial Strategies: 25 Tips over 25 Weeks”
WASHINGTON, DC, December 13, 2010 – After a life of working and saving, it’s time to begin your “Reinvention Years.” You are 65 years or older, retired (or soon to be) from your career and ready for the next adventures and experiences that life has to offer.
This is a time when you need to have a sound financial plan. Your resources for your living expenses will come from some combination of what you’ve saved, Social Security benefits and perhaps a pension. You may even choose to go back to work, part-time or in another field. Most people in this life phase are no longer accumulating assets, but starting to use the assets they set aside during their prime working years. They are ready to enjoy life but may be worried that their resources won’t last as long as they will. This is why this time of life needs to be focused on reinventing how you do things, your daily routine and especially how you manage your money. That’s the message from Eleanor Blayney, CFP® , the Consumer Advocate for Certified Financial Planner Board of Standards, Inc.
“The Reinvention Years” years is the fifth and last segment of CFP Board’s Lifelong Financial Strategies initiative, part of the non-profit organization’s ongoing 25th anniversary commemoration.
“Retirement is the life stage that we plan for our entire working lives,” Blayney said. “Many want to celebrate with a big trip or a major purchase of a boat or RV. But to succeed, you need to be planning for the possibility of many more years ahead, and the financial challenges that lie ahead,” said Blayney.
Tips for this life phase include:
- Think Before You Choose: Know everything there is to know about Social Security and make sure you understand the benefits of delaying your retirement benefits.
- Look Beyond the Pretty Pictures: Know what to look for in a retirement or continuing care community. Make sure it will be there for the long-term.
- Bump Up Your Social Capital: Build and use your social networks to rekindle old friendships, meet new people and try new activities. Investigate the services that are offered to seniors in your community.
- Be Smart About Income-Producing Assets: Make sure you understand that higher yields come with higher risk. Just because one investment pays more than another does not mean it is better.
- Don’t Go it Alone: Find a CERTIFIED FINANCIAL PLANNER™ professional who can help guide you in this stage of life.
The content is being delivered over multiple platforms. Blayney introduces these life-cycle concepts in videos, provides instruction with an audio podcast, and provides detailed advice in tip sheets. Presentations for each phase can be found on CFP Board’s web site at www.CFP.net and the consumer advocate page on Facebook. Videos will be available on YouTube and other social media websites.
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