I'm sharing this story of the unexpected grief I experienced when I changed careers close to a decade ago, in the hope that, if you see yourself in my story, you find one or two of my suggestions helpful. Thank you @Susanna Harkonen for contributing your expertise to this article.
A client of mine recently reached out about whether or not to fund a 529 plan for his granddaughter – and she’s not due to be born for another four months. Talk about getting a head start on college planning!
If you own a home, applying for a home equity line of credit before you quit (and lose your pay stubs) can provide added security. “You may not need it, but it is a nice thing to fall back on for extra cash because it is much cheaper than drawing on credit cards,” said Laura Rotter, a financial planner in White Plains, N.Y.
Once upon a time, we worked for the same company for 40 years and retired with a gold watch at 65. We were expected to live another five years, financing this remaining time with a combination of social security and a pension from our employer. Well, times have changed!
“What is the burning issue that prompted you to call me?” That’s the first question I ask people who reach out for financial guidance. Often, they want to know, “How soon can I retire?”
Society would have us believe that as we age into our 60s, we should be at or close to retirement, that our greatest decisions should be whether we schedule a golf game or get together with friends for lunch. Nothing could be further from the truth. Instead of slowing down as we age, many of us are finding this period of time, when our children are adults and out of the house, as an opportunity for self-exploration and reinvention.