I do not know about you but I feel like I am on a weather roller coaster: yesterday I had to take out my shorts, today I need my umbrella, and by Sunday I hear I may need snow boots! Mother Nature is sending mixed messages and it is getting confusing. Through it all I am dealing with the most beautiful of flowers, which means one thing: allergies! I am prepared, however, as I have all of my necessary clothing and am armed with all sorts of allergy remedies. My closet may look like I am preparing for a trip around the world, rather than a walk around the block, but whatever the weather does, I will be ready.

When it comes to most of us and retirement

Unfortunately, I cannot say the same thing when it comes to most of us and retirement. While we as Americans prepare for many milestone moments in our lives, we are woefully underprepared for our retirement years. We do not:

• Save enough money

• Have enough insurance

• Have a strong investment strategy in place, with diversification ensured (especially necessary during these days of high inflation)

• Live within our means (too many are house-poor and literally paying the price for it)

• Wait as long as we can to begin collecting Social Security

• Work with a qualified financial advisor, ensuring we do not end up with DIY mistakes that can cost us well into our twilight years

Not saving enough money

Not saving enough money and not investing well could mean a significant decline in standard of living expectations come retirement. Wanting to spend freely and take that cruise around the world is wonderful but not so great if you do not have the necessary means to afford it. Retiring too early can be disastrous, as it can mean enjoying all of your hard-earned money and then running out of dollars before you run out of years. What sounds like a lot of money may not be, not if you retire with what is hopefully decades left to enjoy life and a "devil may care" attitude about it all. Remember, what you need at 65 is probably not going to be the same as what you need at 85. Currently, only 6% of people wait until the age of 70 to begin taking Social Security benefits. While there are occasions when taking it out early is desirable or necessary, for example, if you are disabled and unable to work, that is not the case for everyone and often waiting is going to be a wiser decision. Two good pieces of advice that work whether you are 50 or 80: Live within your means, so you can pay off your debt and be able to breathe at night, and work with someone you can trust. Do NOT make the mistake of sitting back and waiting for the pieces to magically fall into place themselves, or for the Publisher's Clearinghouse Sweepstakes actor to come knocking on your door. That is as likely to happen as it is for me to step outside during a grey rainy day in Seattle, waiting for the clouds to part and the sun to come out, sunscreen in hand.

Due diligence and planning

Be sure to read the two articles below on due diligence and planning and then give us a call and schedule your strategy session. We are here to help you ensure that you make the most out of those retirement years, regardless of the weather. With a strong plan in place, every day can be sunny and who knows: maybe you will choose to retire at one of the beaches included in the list below, where you really can stand outside and wait for that rainbow to appear in the sky!

Warmly,

Kimberly Wolf and Your Team at Pacific Financial Advisors