Steven England discusses the importance of navigating retirement
Listen to the interview on the Business Innovators Radio Network: Interview with Steven Michael England, President of Capstone Estate Planning Discussing Navigating Retirement – Business Innovators Radio Network
Steven Michael England, president of Capstone Estate Planning. Steven shares his extensive experience in the financial services industry, which began in 1982. He discusses the importance of adapting to changes in life, particularly as they relate to retirement planning. Drawing from both his professional journey and personal experiences, Steven emphasizes how life transitions can impact financial decisions and strategies.
Life is a series of changes, particularly as individuals approach and enter retirement. This transition is not merely a financial shift; it encompasses various aspects of life, including health, family dynamics, and personal interests. As Steven Michael England discusses in the podcast, having a flexible retirement plan is crucial for effectively navigating these changes.
As people age, especially after reaching 60, they experience significant life changes. These can include:
- Health Changes: Physical health may decline, affecting mobility and lifestyle choices. For instance, someone who once enjoyed driving a sports car may find it uncomfortable and opt for a more practical vehicle.
- Family Dynamics: The shift from having children at home to becoming empty nesters can alter financial and emotional priorities. Additionally, responsibilities may arise, such as caring for aging parents or supporting adult children.
- Personal Interests: Retirement often provides the opportunity to explore hobbies and interests that may have been sidelined during a busy career. However, preferences can evolve, leading to new desires for travel, volunteering, or starting a business.
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Given the inevitability of change, a retirement plan must be adaptable. Steven emphasizes that many individuals have plans that were established years ago and may no longer align with their current goals or circumstances. Here are some key points to consider:
- Regular Reviews: Conducting annual or even more frequent reviews of a retirement plan is essential. Life events can dramatically alter a person’s financial situation or goals, and regular check-ins allow for timely adjustments.
- Customized Strategies: Each client’s situation is unique, and a one-size-fits-all approach is often inadequate. A flexible plan should be tailored to individual needs, preferences, and life changes. For example, if a client expresses a desire to travel more, their financial strategy may need to accommodate increased spending in that area.
- Proactive Adjustments: As Steven notes, clients may not always recognize the changes happening in their lives that impact their retirement plans. An advisor can provide an outside perspective, helping clients identify areas that require adjustment. This could include shifting investment strategies as they age or changing their approach to tax planning.
In conclusion, life is constantly changing, particularly as individuals transition into retirement. A flexible retirement plan that can adapt to these changes is essential for achieving long-term financial security and personal satisfaction. By regularly reviewing and customizing their plans, individuals can ensure that their retirement strategies align with their evolving needs and desires. As Steven Michael England highlights, the key to a successful retirement lies in recognizing that change is a constant and being prepared to adapt accordingly.
Video Link: https://www.youtube.com/embed/N630AqMOJew
About Steven England
Financial advisor and Retirement Planner since 1982, Best Selling Author of “The Wealth Lifestyle”, honored with numerous industry awards and honors of achievement. I value close business relationships with clients and treat them the way I would want to be treated.
Learn more: http://www.thewealthlifestyle.com/
DISCLAIMER: This information is for informational purposes only and should not be considered legal, health, investment, tax, profession advice. We are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This information is not intended to replace professional investment, tax, or legal advice. The views expressed may not be the views of the host or the management.
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