Are You Ready To Retire From The Trades?

by | Sep 13, 2021 | Tradesmen

“How do you know it’s time to retire from the trades? It’s when you stop lying about your age and start bragging about it!”

Why did you decide to retire wheAre you ready to retire?n you did?

A lot of you would probably say, “I’m too old, I should have retired ten years ago.” Or “My body can’t keep up with the strenuous work.” But with that in mind, most people don’t retire for those reasons. For most people in the trades, it is usually when you feel financially secure. Or when you feel as if you can retire comfortably. The last thing people want is to retire and “Have more month than money.” But plans can always change in retirement, especially if you work in the trades. Injuries can happen, benefits can be cut. A number of things can come up. It’s important to make these plans in advance with a retirement specialist! 

How much planning went into your retirement?

Be honest with yourself here. Do you honestly think you’ve put your full effort into planning for your retirement? If you can confidently say yes, then congratulations! You are one in a hundred. The truth is, most people don’t put nearly enough time into planning for something as important as retirement. How much money are you going to be bringing in from your social security checks? Are you maximizing your social security? Do you have other forms of income to help supplement that? How are you invested? Are your investments still in a good place to meet your goals now that you won’t be working anymore? How about health insurance? What if something happened to your health? Do you have a policy in place? How about legacy planning? Do you have a policy to cover your final expenses so your loved ones don’t have to worry about this burden?

Again, if you can confidently say you have considered all of this then congratulations! However, from my experience, most people in the trades don’t think about this kind of stuff until it’s too late. Most people that are retiring for that matter! Unfortunately, this is a common trend I see all too often. Which leads me over to our next topic.

Now that you’re retired, would you have done anything differently in preparation to retiring?

Well now the time has finally happened! You are officially retired. But is it the retirement that you had always dreamed about? Or do you have a lot of unanswered questions and concerns? My bet, if you didn’t sit down with someone to go over this big transition, is that you are probably unsure of what to do. Most people retiring from the trades wish they would have done the preparation in advance. This is something I hear all the time! “Why didn’t I do this months ago?” The average person will spend 10-20 hours planning a single vacation. However, they won’t even put that same planning into their own retirement. That is astonishing! Don’t be like the average person. Take the proper steps to relieve stress and financial burdens. 

Going into retirement is one of the biggest changes you are going to experience! With proper guidance, we can help take some stress off your shoulders. Being fully prepared, and knowing that you did everything you could is the biggest stress reliever. I am here to help you and be that resource! Whether it be a second opinion, or to get things started, I am here for you! To set up a time to chat, contact me here. 

If you would like further information on planning for or reevaluating your retirement, or simply want to chat, give us a call at 231-421-7391.

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