As successful professionals in our 50's and 60's, we often reach a career crossroads. Do we continue on the same path until retirement, retire early, or pursue a new passion project? These decisions can be difficult to make on our own, which is why it's important to work with a trusted advisor like Justin Smith, a CERTIFIED FINANCIAL PLANNER™ professional who specializes in helping clients navigate these transitions.
During our recent interview with Justin, we explored a range of topics related to retirement, including portfolio careers, hybrid retirement, reducing taxes, and navigating career crossroads.
Exploring Non-Traditional Retirement Paths
The traditional retirement path of working until age 65 and then stopping altogether doesn't align with everyone's desires or needs. Justin can help you explore alternative paths, such as a "Victory Lap Retirement," which involves scaling back to part-time work, consulting, or pursuing a passion project while still earning some income and maintaining a sense of purpose.
A Victory Lap Retirement can help you personally, professionally, and financially. It provides a sense of purpose and fulfillment, while also easing the transition to full retirement. It can also be financially beneficial, as it allows you to continue earning income and delaying the drawdown of your retirement savings.
Another option is a portfolio career, which involves combining multiple part-time jobs, freelance work, or consulting projects to create a diverse income stream. Justin can help you determine if a portfolio career is right for you and how to navigate the unique challenges and opportunities it presents.
Prepping for a Hybrid Retirement
A hybrid retirement is another option that many people are exploring. This involves continuing to work part-time or in a consulting capacity while also enjoying more leisure time. Justin can help you create a plan that balances your desire for flexibility and freedom with your financial goals.
Reducing Taxes in Your 50s and 60s
Taxes can be a major concern for anyone approaching retirement. Justin can help you explore strategies for minimizing taxes over your lifetime, such as creating a diversified investment portfolio, considering annuities, and making strategic withdrawals from your retirement accounts.
Navigating a Career Crossroads
If you're considering a major career change or transition, Justin can help you navigate the decision-making process. He can help you evaluate your current financial situation, assess your risk tolerance, and create a plan that supports your personal and professional goals.
Replacing Your Paycheck and Ensuring Long-Term Financial Security
One of the biggest concerns for anyone approaching retirement is how to replace their paycheck and ensure long-term financial security. Justin can help you explore options such as creating a diversified investment portfolio, continuing to work in some capacity, and considering annuities.
Coordinating Decisions Around Employee Benefits, Equity Compensation, and Social Security
Coordinating decisions around employee benefits, equity compensation, and social security can be complex. Justin can help you navigate these decisions and create a plan that maximizes your benefits and supports your financial goals.
Integrating Your Financial Resources into a Coordinated Plan
Finally, Justin can help you integrate all of your financial resources into a coordinated plan that supports the life you want. He can help you create a holistic plan that takes into account your unique circumstances, goals, and preferences.
Overall, our conversation with Justin Smith provided valuable insights and strategies for anyone looking to plan for their next chapter. Whether you're seeking to explore non-traditional retirement paths, pursue a portfolio career, or create a plan that supports your personal and professional goals, it's important to work with a trusted advisor who can help you navigate these transitions and create a plan that aligns with your unique needs and desires. Click here to hear the rest of the interview, follow us on the podcast!
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