Financial Planning To Fund Retirement

Life beyond paid work can be fulfilling, but getting there requires financial planning, self-control

San Antonio is a popular choice for retirement because of its low cost of living, sunny weather, quality health care and urban amenities. But when planning for retirement, the first question you may need to ask yourself is: “Do you really want to retire?”

Studies show that people who continue to work late in life and remain engaged in community service tend to live longer lives. And with average life expectancy climbing into the 80s for most Americans, retirement can last for decades past the traditional retirement age of 65.

San Antonio businessman G.P. Singh, who sold the company he created, Karta Technologies Inc., for nearly $65 million in 2007, says he doesn’t even like the word “retirement.”

“It makes it sound like you’re quitting life,” Singh says. “I think we should call it ‘engagement.’ You can continue to be engaged with work and you have more time to serve your community and to be with your family. When planning how to spend the rest of your life, I think you should focus on what you really want to do with your time. I’m serving on the boards of about a half dozen local non-profit groups, traveling more with my family and reading about subjects that truly interest me.

“Of course, you have to be concerned about having enough money, and the turmoil in the markets is a problem for everyone, but retirement is the time when you should figure out what makes you happy and then get reengaged with life.”

Genetic longevity

George P. Becknell III of Sapient Financial Group says that when retirement planning with couples, he makes sure that their money will last until the youngest will be 100.

“You have to look at your family history and take into account the improvements in health care,” Becknell says. “I can trace my family history back to the American Revolution, and the youngest age one of my relatives died at was 76 of cancer. Most of my other relatives lived to be in their 80s and 90s.”

Financial Life Advisors cited in the full article at: