FINANCIAL TIPS: Flipping the retirement switch

By Jac M. Arbour

When I first began as a financial advisor, never once did I imagine that I would need to encourage clients to retire and start spending what they had saved.

I thought every person I met would feel nothing but excited to do so. At the time, at least in my mind, retirement meant nothing more than extra time for traveling, seeing the grandkids, golfing, etc. Well, I was wrong. For some people, retirement can be a scary thing.
Imagine putting money into an account for 40 years. By the time you’ve reached retirement, I think it’s safe to say you’ve become a habitual saver. Now, all of a sudden, just because you are a certain age, you are going to change this lifelong habit, flip the retirement switch, and start spending? Yup! Scary? Yup!
The markets are volatile, interest rates are rising, and the average retiree will live almost 30 years in retirement.
Because of factors like these, many people are left asking, “Will I have enough?” There are solutions to help cement a favorable answer to this question, and there is no better day than today to put a plan in place.

Jac Arbour is a certified financial planner with J.M. Arbour Wealth Management in Hallowell.