Four Steps to Victory in Retirement

By Charles J. Lewandowski CFP®, MBA

“If you don’t know where you are going, you might wind up someplace else”  – Yogi Berra

Like many Boomers, I have found a pastime to reduce stress and improve my health. For the last decade, my preferred outlet has been running. I have particularly enjoyed preparing for the area’s most popular half-marathon, the Publix Gasparilla Distance Classic. Gasparilla is run during the glorious Tampa winter in February of each year with 6500 of my closest friends.

Unfortunately, the past year threw a couple of curve balls my way and threatened my participation. My parents’ medical history suddenly manifested itself in my body. Also, my feet determined that they had enough of that running thing and decided to rebel. Thankfully, with the help and encouragement of a very supportive spouse, I completed the half-marathon after a four-month period of training. During that time, I modified my diet, changed my equipment, sought the advice of a doctor, and found a training template that matched my skill level. And on February 23rd, I completed the race and rewarded myself with the best Eggs Benedict that money can buy.

As I recuperate from my race and allow my hamstrings to resume the role for which they are intended, I can reflect on the number of parallels between my avocation, running, and my vocation, financial planning for retirement. Both require a Four Step Process to help achieve your desired outcomes and the desired outcomes can be enhanced using a Coach.

Here are the Four Steps that can lead to the realization of a successful retirement plan.

1.      Visualize Your Dreams – My dream in 2020 was to complete the race and attempt to finish it in less than two hours. These two goals were always in my mind. My wife knew it, her yoga buddies knew it, my kids knew it, my friends knew it, and my co-workers knew it. Those were THE desired outcomes. This is not unlike a client couple who desire a retirement with dignity and independence. This is a retirement that allows them the ability to do what they want to do, when they want to do it. If they wish to achieve their goal, both need to buy into it and tailor their efforts to bring it to fruition. As Napoleon Hill said, “What the mind of man can conceive and believe, it can achieve.”

2.      Embrace the Facts- As I become “more mature”, I have found that a race plan that worked 10, or even, 5 years ago, is no longer appropriate for today. My physical condition has changed, my medical history impacts my conditioning, and time constraints weigh upon the entire process. I need to factor these issues into my training regimen or risk potential medical problems. Much like your current income, debt levels, and family requirements, these are FACTS and they can’t be dismissed. The facts need to be recognized, acknowledged and assessed. Ignoring the facts, can mean disaster.

3.      Create the Map – I was able to create a race plan that incorporated gradual improvements in time and distance with check marks along the way. During training Week 4, I needed to attempt “race pace”. In week 8, I needed to run 14 miles. In week 10, I needed to run 10 miles at race pace. Each week had a purpose. Each day of the week had a different goal; speed, endurance, or rest. A financial plan has mileposts as well. Some examples may include: Increase 401k contributions in two months. Reduce credit card debt by year one. Downsize in 5 years. Without a map, efforts become haphazard and often conflict.

4.      Enjoy the Journey- As I worked through my training, I began to enjoy little victories. Using my GPS watch, I was able to see an improvement in time as well as a new tolerance for long distance. If I had a setback, I could usually pinpoint what the problem was and try some corrective action. (“Maybe I shouldn’t have had that burrito last night?”) In the end, those Eggs Benedict became the payoff for months of work. You can also achieve small financial victories (“Hey, we paid off that high interest credit card!”). And sometimes, big ones. (“We paid off our house!”)

These steps define the framework to help achieve your financial goals. The probability that your goals can be achieved will be enhanced by working with a Coach who can guide you along the way. For my race, my Doctor became my coach. He guided me as I worked through my plan. As you work through your financial plan, seek out the guidance of a CERTIFIED FINANCIAL PLANNER ™professional. Preferably, one who runs races and eats Eggs Benedict. You will be happy that you did.

03/2020

Advisory services offered through Capital Analysts or Lincoln Investment, Registered Investment Advisers. Securities offered through Lincoln Investment, Broker Dealer, Member FINRA/SIPC. www.lincolninvestment.com 

The views and opinions expressed herein are those of the author(s) noted and may or may not represent the views of the Lincoln Investment Companies.  

 West Coast Financial Group, Inc. and the above firms are independent and non-affiliated.

Tax advice is not offered through, nor supervised by Lincoln Investment or Capital Analysts