I am fortunate to live in one of the coolest neighborhoods in the Annapolis area. We are a waterfront community with a marina, beach and a bar and grille operation during the summer. It is a natural gathering place where neighbors can hang out with friends without having to clean-house before the guests arrive.  

A group of guys (mid 50s to early 70s) who had musical backgrounds started hanging out together and playing some music; nothing serious at first, just jamming and having some fun. The more they played, the better they sounded. Their first public performance was at a neighbor’s house. They played for only 45 minutes because that’s all the songs they knew.  

They kept practicing and expanding their repertoire; eventually playing a couple of gigs at the previously mentioned community center. Then they had the opportunity to play a real gig at a real music venue and get paid for it. Us neighbors watched and listened to a three-set, four-hour (with breaks) gig. For one night, they were rock stars!!  

What does this have to do with financial planning and retirement? Nothing…and everything. Much of the time we talk about the technical aspects of planning for retirement. We talk of rates of return, accumulation and distribution phases, when to take Social Security. But it is also important to talk about the softer side of retirement.  

We all start our adult life full of dreams and aspirations. Many of them we accomplish—marriage, children, career, etc. Some get cast aside while we’re busy learning how to be grownups. Retirement should be the time to do much of what has been put off. Make sure your retirement plan includes those goals. Maybe you too can become a rock star.  

 

James J. Denora, CPA, CFP ^®