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Are You Afraid to Spend Your Money in Retirement?

by with No Comment BlogIncome DistributionIncome PlanningRetirement IncomeRetirement Income PlanningRetirement LifeRetirement Savings

You spent decades saving for retirement. You contributed to your 401(k), invested, paid the bills, raised a family, hopefully paid down some debt, and tried to make smart decisions along the way. The whole idea was that someday you would have enough money to stop working and actually enjoy it.

Then retirement gets closer and something interesting happens. After spending 30 or 40 years saving money, suddenly you’re supposed to start spending it. And for a lot of people, that’s much harder than they expected.

I see this all the time. People don’t usually come right out and say, “I’m afraid I’m going to run out of money.” Instead, it comes out in other ways. They put off the big trip they’ve always wanted to take. They keep driving the car they really don’t like anymore. They hesitate to help their kids or grandkids even though they’d love to. They agonize over purchases they can probably afford. Or they find themselves constantly saying, “Maybe I should wait. I might need that money later.”

Of course, there’s nothing wrong with being careful with money. In fact, being careful is probably one of the reasons you have retirement savings in the first place. But there’s a difference between being financially responsible and being afraid to spend because you don’t know what you can afford.

And I think that’s a really important distinction.

For most of our working lives, we’re taught to accumulate. Save more. Invest more. Don’t touch the retirement accounts. Prepare for the future. Then retirement arrives and we’re expected to flip a switch and start drawing money out of those accounts. Your paycheck may be gone, the stock market is still going to go up and down, healthcare costs become more important, and none of us knows whether we’re planning for another 10 years or another 30.

That’s why I think a good retirement plan needs to answer more than, “Do I have enough money to retire?” It should also help answer, “How much can I comfortably spend and still be okay?”

If you’re approaching retirement or already retired, here are three questions I think are worth asking yourself.

What would make you feel financially secure 10 or 20 years from now?

Before you start thinking about account balances, think about what financial security actually means to you. Maybe it’s knowing you can stay in your home for the rest of your life. Maybe it’s having enough money set aside for healthcare. Maybe you want to know you’ll never have to depend financially on your children. Or perhaps security means being able to travel, help your family and still know there will be plenty of money there when you’re 85 or 90.

We tend to talk about retirement security as if it’s a number, but I don’t think it is. It’s a feeling, too. Two women can have exactly the same amount of money saved and feel completely differently about it. Until you understand what makes you feel secure, it’s difficult to build a retirement plan that actually gives you confidence.

What are you not doing today because you’re afraid you might need the money later?

This might be the most revealing question of the three. Is there something you really want to do but keep putting off because you’re worried about spending the money? Maybe it’s that trip you’ve talked about for years, a new kitchen, a different car, taking the whole family somewhere special or even just spending a little more on yourself without feeling guilty about it.

Then ask yourself another question: Am I saying no because I truly can’t afford it, or because I don’t know whether I can afford it?

Those are two very different things.

Sometimes the issue isn’t that you don’t have enough money. It’s that no one has helped you understand what your money can realistically support. And without that clarity, the safest answer always feels like “don’t spend it.”

What would you need to know to give yourself permission to enjoy your money?

Maybe you need to see what happens if the market drops 20%. Maybe you need to know how much income your investments can reasonably provide each year. Maybe you’re worried about healthcare or long-term care. Maybe you need to understand what happens if you live to 95. Or maybe you simply need to see, in black and white, that you can spend some of this money and still be okay.

That’s one of the things I think retirement planning sometimes gets wrong. We spend so much time talking about accumulation, rates of return and how much someone needs to retire that we forget why they accumulated the money in the first place.

Your money has a job.

I’ve always said that your money is the vehicle. Retirement is the destination. The point of accumulating money isn’t simply to die with the largest possible account balance. It’s to create security, choices, freedom and the ability to live the life you worked all those years to have.

That doesn’t mean spending recklessly. You still need to plan for inflation, healthcare, taxes, market downturns and the possibility of living a very long life. But there’s a big space between spending too much and being afraid to spend anything at all.

A thoughtful retirement plan should help you find that space. It should give you enough confidence in your future that you can actually enjoy some of your money today.

Because the goal isn’t simply to make your money last for the rest of your life.

It’s to make sure you’re living during the rest of your life, too.

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The Purposeful Portfolio™: The Cornerstone of a Confident Retirement

by BlogFinancial LiteracyInvestment PortfolioRetirement EducationWealth

For years, retirement planning has been framed as a quest for the perfect portfolio. The ideal asset allocation. The optimal withdrawal rate. The precise mix of stocks, bonds, and alternatives that will mathematically guarantee success.

But in my experience, perfection has never been the real driver of retirement confidence.

Purpose has.

Women don’t lose confidence in retirement because their portfolios are slightly sub-optimal. They lose confidence when their money doesn’t reflect how they actually live, what they value, or what they’re trying to protect. A portfolio can be technically sound and still fail if it doesn’t feel right to the person holding it.

Research shows that women tend to be less focused on relative portfolio performance and more focused on outcomes, whether their money will support their life, protect them from major setbacks, and align with what matters most to them.

Interestingly, this way of thinking is beginning to surface more broadly across the retirement industry. Recent commentary from Christine Benz, Director of Personal Finance and Retirement Planning at Morningstar, who was awarded the inaugural Realie Award for her blog on the value of a “good enough” portfolio echoes something I’ve believed for a long time: most people don’t need perfect portfolios. They need portfolios they can live with, and stick with.

That conviction and lots of research over the last ten years, is what led me to create Her Purposeful Portfolio™—a framework designed specifically for women who want their money to support not just longevity, but meaning, flexibility, and peace of mind.

The Problem With Chasing the “Perfect” Retirement Portfolio

Traditional retirement advice often assumes that better outcomes come from better math. More precision. More fine-tuning. More comparisons.

In reality, that approach often leads to:

  • Analysis paralysis
  • Ongoing second-guessing
  • Emotional decision-making during market stress
  • Plans that look great on paper but fall apart in real life

Christine Benz describes two common investor mindsets: maximizers, who endlessly seek the best possible option, and satisficers, who aim for a solution that is good enough to meet their goals.

Her insight is critical for retirees: the incremental gains from optimization are often outweighed by the stress, time, and behavioral mistakes that come with it.

In other words, a portfolio you can stick with often outperforms the one you abandon.

This idea often gets confused with the familiar saying “time in the market beats timing the market,” but it’s slightly different. Timing the market assumes people fail because they misjudge markets. Abandoning portfolios happens because people misjudge themselves. A plan can be mathematically sound and still fail if it doesn’t align with how someone actually experiences risk, uncertainty, and change. Time in the market only works if the portfolio fits the person holding it.

 

From “Good Enough” to Purposeful

A “good enough” portfolio is a powerful starting point.
A purposeful portfolio is what makes it sustainable.

The Purposeful Portfolio™ shifts the question from..
“What allocation is optimal?”
to
“What is my money meant to do for me?”

Traditional bucket strategies organize money by time horizon. The Purposeful Portfolio™ builds on that idea by organizing money around purpose, and how each piece is meant to feel.

Instead of organizing retirement assets solely by risk and return, the Purposeful Portfolio™ organizes money by function and feeling, because behavior, confidence, and clarity matter just as much as performance.

 

The Five Pillars of Her Purposeful Portfolio™

1. Security (SecureHER)

What it’s for:
Covering essentials and protecting the rest of the portfolio. This pillar is designed to fund non-negotiables like housing, food, insurance, and basic living expenses while also buffering against market volatility and sequence-of-returns risk, especially in the early years of retirement.

How it feels:
Calm. Reliable. Reassuring. Grounded.

Common tools:
FDIC-insured cash, high-yield savings accounts (HYSAs), money market funds, short-term bonds, T-Bills, and for some women, protected strategies such as fixed or fixed indexed annuities.

In retirement, cash held in an HYSA isn’t just an emergency fund, it becomes part of a Stability strategy that provides liquidity, smooths income, and reduces the need to sell long-term investments during market downturns.

For women who want additional protection, certain fixed or fixed indexed annuities can also play a role in this pillar. These strategies are often used as bond alternatives, offering principal protection with the potential for more upside than traditional bonds, and are frequently designed to create future income later in retirement, rather than immediately.

This pillar exists so the rest of the portfolio doesn’t have to carry emotional or timing risk. When essentials are protected and income pressure is reduced, long-term investments are given the space they need to do their job.

2. Flexibility (LiveHER)

What it’s for:
Travel, hobbies, experiences, spontaneity, and joy.

How it feels:
Free. Ready. Guilt-free.

Common tools:
Balanced funds, laddered CDs, dividend-focused ETFs.

Flexibility is often missing from traditional plans, especially for women who feel hesitant to spend. This pillar gives permission.

3. Wellness (HealthiHER)

What it’s for:
Healthcare, longevity risk, caregiving, and life’s “what-ifs.”

How it feels:
Protective. Grounded. Peace of mind.

Common tools:
HSAs, long-term care planning, health-focused assets.

This pillar acknowledges a reality many plans ignore: health is both a financial and emotional issue in retirement.

4. Growth (FutureHER)

What it’s for:
Long-term security, inflation protection, and future purchasing power.

How it feels:
Empowered. Energized. Strategic.

Common tools:
Equities, diversified index funds, REITs.

Growth doesn’t disappear in retirement, it just becomes more intentional.

5. Legacy (ImpactHER)

What it’s for:
Who—and what—you want to leave behind.

How it feels:
Intentional. Values-based. Enduring.

Common tools:
Trusts, beneficiary planning, donor-advised funds, ESG-aligned strategies.

Legacy isn’t just about inheritance. It’s about meaning.

 

Why This Framework Matters, Especially for Women?

Women tend to:

  • Live longer
  • Earn less over their lifetimes
  • Take on more caregiving responsibilities
  • Retire alone more often due to divorce or widowhood

The old rules of retirement planning were not built with these realities in mind.

The Purposeful Portfolio™ recognizes that retirement success is not just about accumulation, it’s about confidence, continuity, and clarity. It creates structure without rigidity and flexibility without chaos.

 

Where Her Retirement PersonaTM Fits In?

One reason a “good enough” portfolio works for some people—and fails for others—comes down to behavior.

At Her Retirement, we use the Her Retirement Persona™ framework to identify the patterns that shape how a woman thinks about money, risk, freedom, security and her retirement life. It’s not about labels. It’s about understanding how she makes decisions so her portfolio works with her instincts instead of against them.

For example:

  • A Security Seeker naturally emphasizes stability, predictability, and wellness planning.
  • An Adventurer tends to weight flexibility and growth more heavily to support experiences and freedom.
  • A Giver often prioritizes legacy, protection for loved ones, and impact beyond herself.

There is no single correct mix, only the mix that aligns with who she is and how she wants to live. When portfolio design reflects personality, confidence rises and second-guessing fades.

This is where purpose replaces perfection—and where personality comes before portfolio design.

 

The Real Goal: A Portfolio That Supports Your Life

Christine Benz’s work reminds us that retirement planning doesn’t need to be flawless to be effective. In fact, striving for flawlessness often undermines confidence.

Her Retirement’s concept of the Purposeful Portfolio™ builds on that insight by giving retirees a framework that is:

  • Understandable
  • Adaptable
  • Behaviorally realistic
  • Aligned with real life

Not perfect.
Not optimized to death.
But intentional, personal, and strong enough to support a long life well lived.

That’s what a good enough portfolio looks like…when it’s built with purpose.

 

A Purposeful Next Step

If you’re a woman who wants to build a portfolio that reflects who you are, not just what the market expects, one that balances protection, flexibility, growth, wellness, and impact, you don’t have to figure it out alone. We can help connect you with a retirement planner who understands purposeful, behavior-aligned planning for women.

If you’re a financial advisor who wants to build better, more meaningful portfolios for women (portfolios that account for personality, longevity, lifestyle, and real-life decision-making), we invite you to reach out to learn more about the Her Retirement Purposeful Portfolio™ and Retirement Persona™ framework.

Because retirement planning works best when it’s not just technically sound, but personally aligned.

Reach out to me, Lynn Toomey, founder and creator of Her Retirement and Her Purposeful Portfolio at: lynnt@herretirement.com.

 

Sources & Research

This article is informed by ongoing research and industry studies on women, investing behavior, and retirement confidence, including:

  • Fidelity Investments, Women & Investing Studies (various years)

  • UBS Global Wealth Management, Investor Watch reports

  • Vanguard, research on investor behavior and long-term outcomes

  • Global Financial Literacy Excellence Center (GFLEC), research on financial confidence and behavior

  • Morningstar research on retirement planning, investor behavior, and sustainable portfolio design

 

BagLadyImage

To Hell With Bag Lady Worries: The Real Fear Too Many Women Carry

by BlogFinancial LiteracyRetirement EducationRetirement LifeWealth

If you’re a woman over 50, chances are you’ve had at least one “3 a.m. money panic.”
You know the one…that quiet, anxious thought that creeps in uninvited:
“Will I be okay? What if I run out of money? What if I end up alone… and broke?”

It’s the fear so many women don’t talk about out loud, but it’s one of the most common emotional undercurrents in midlife. My mother talked about it and it kinda got ingrained in my psychy.

The financial services industry has a name for it. They call it Bag Lady Syndrome.
And while it’s not an official medical diagnosis, it’s very real.

What Is Bag Lady Syndrome?

Bag Lady Syndrome describes the deep, often irrational fear of running out of money and losing financial independence later in life.

It’s not limited to women who are struggling financially. In fact, research shows it often affects successful, educated, and high-earning women too.

It’s a fear that doesn’t always match reality, but it feels real, visceral, and ever-present.

The image of the “bag lady” — an older woman alone, carrying all her belongings in bags has become shorthand for a universal female anxiety: that one day, you could lose everything.

What the Research Tells Us

The numbers confirm that this fear is not imagined.

A 2013 Allianz Life Study of more than 2,000 women found that 49% of women, including many earning well over $200,000 a year, worried about becoming a bag lady.

Even among the financially secure, this anxiety runs deep.
In that same study:

  • 46% of single women,
  • 43% of divorced women, and
  • 54% of widowed women admitted to feeling this fear often.

Other data reinforces the same truth:

  • The American Psychological Association has found that women report higher levels of money-related stress than men, regardless of income.
  • The Transamerica Center for Retirement Studies reports that only 12% of women feel “very confident” about retiring comfortably.
  • A Merrill Lynch and Age Wave study found that 61% of women would rather discuss their own death than talk about money.

Let that sink in.
More than half of women would literally rather talk about dying than discuss finances.

Why It Happens: The Emotional and Cultural Roots

  1. Lifelong Money Messaging

Many of us were raised with unhelpful money narratives. We were told not to talk about money, not to worry about money, or to let someone else “handle it.”

For years, the financial industry largely ignored women or worse, talked down to us. That “you wouldn’t understand” tone has kept generations of women disconnected from their own financial confidence.

  1. Real Economic Disadvantages

This fear isn’t all in our heads. Women face structural financial challenges that make retirement riskier:

  • The pay gap: Women still earn about 82 cents for every dollar men make.
  • The caregiving gap: Many women step out of the workforce to care for children or aging parents, losing years of income and savings.
  • The longevity gap: Women live about 5 years longer than men, meaning our money has to stretch further.

It’s no wonder so many women worry about whether they’ll have enough.

  1. Financial Isolation

Women often feel alone in their financial decisions. A widow or divorcée may suddenly face money decisions she’s never had to make before. Even confident professional women can feel paralyzed when it’s time to turn savings into income.

And when women feel uncertain, they often delay decisions, which feeds even more anxiety.

The Truth Behind the Fear

Bag Lady Syndrome isn’t about greed. It’s about safety. It’s about knowing you’ll be okay no matter what life throws your way.

It’s also about identity…wanting to stay independent, not be a burden, and continue to live with purpose and dignity.

At its core, it’s about control. And that’s exactly where the transformation begins.

How Her Retirement® Helps Women Move from Fear to Freedom

At Her Retirement, we know Bag Lady Syndrome isn’t just about math. It’s about mindset.

That’s why we built the first retirement wellness (and readiness) platform designed specifically for women. One that connects soul-searching and number-crunching.

Here’s how we help women replace fear with confidence:

  1. Self-Discovery Through Education

Everything starts with knowing yourself. Our Retirement Persona Quiz helps women understand their unique financial personality — how they think, feel, and behave around money and planning.

From there, we guide them through a personalized learning journey that builds both financial literacy and emotional readiness for retirement. Because before you can manage your money, you have to understand your relationship with it.

  1. A Safe, Supportive Community

Fear thrives in isolation. Confidence grows in community. Inside The More for Her Collective, women connect with others who are learning, planning, and preparing for their next chapter too. It’s a space where it’s safe to ask questions, share worries, and celebrate wins, without judgment or jargon.

  1. Tools and Frameworks That Simplify the Process

Her Retirement offers education, tools, and technology to make planning approachable and actionable. From budgeting to income strategies, we make financial topics clear and relatable. You’ll find videos, guides, courses, and insights that help you move from knowing you should to knowing how to.

  1. Coaching and Expert Connections

When you’re ready for more personalized support, we connect you with trusted Her Retirement-approved coaches and professionals who are aligned with our mission…not driven by sales quotas or product commissions.

This means you get the education, insight, and expert access you need, without the bias or pressure of traditional advisory firms.

  1. A Philosophy That Puts Women First

Everything we do is built on one simple belief: When women know more, they have more, and they live more…both now and in retirement.

We’re not here to sell you a product. We’re here to help you build a plan, a mindset, and a lifestyle that feels right for you.

The Bottom Line: You’re Not Alone

If you’ve ever worried about becoming the proverbial “bag lady,” you’re not crazy, weak, or behind. You’re human. You’re a woman.
And you’re part of a generation of women who are rewriting what financial and retirement wellness looks like.

With the right education, support, and strategies, you can replace fear with freedom, and step into the confident, empowered version of yourself that’s been there all along.

So here’s your permission slip:
To hell with bag lady worries.
Let’s become HappiHER, HealthiHER, and WealthiHER…together.

Next Steps

Take the Retirement Persona Quiz
Join the More for Her Collective
Or learn more at HerRetirement.com

Because your retirement should be personal, purposeful, and full of possibilities.

 

FaithBlog

Faith and Financial Planning

by BlogHappinessWealth

What do prayer, financial planning, and possibly your brother-in-law have in common?

The other day, I was talking with my brother-in-law.

Now, he’s not just any brother-in-law. He’s Jewish. Lives in Israel. Studied religion in college. And to top it off, he’s one of those deep thinkers who can casually reference ancient texts and economic theory in the same sentence.

We got to chatting about the concept of fear. Specifically, how faith helps combat fear—especially as we get older.

Because let’s face it, aging, retirement, healthcare costs, identity shifts, and the occasional 3 a.m. “Did I turn off the oven and also what happens if I outlive my money?” spiral… all real.

He said something like: “Faith isn’t just believing everything will be okay. It’s trusting that you will be okay, no matter what.”

That hit me when thinking about the current financial markets and all the fear I’m seeing, and the value of a reliable financial plan. Isn’t this exactly what good financial planning is supposed to do?

Faith and Financial Planning Aren’t Opposites. They’re Teammates.

Faith, regardless of your spiritual background (or lack thereof), is essentially the ability to move forward in uncertainty. And if that doesn’t describe financial planning in your 50s, 60s, or beyond… I don’t know what does.

Think about it:
– We invest based on probabilities, not guarantees
– We plan for retirement without knowing exactly how long it will last
– We insure against events we hope never happen
– We decide today what might affect our lives 20 or 30 years from now

That takes faith.

Faith that:
– The markets will (eventually) go back up
– Our bodies will hold up (even if our knees are already protesting)
– Our partner won’t spend the long-term care budget on a vintage Corvette
– And yes—that we’re building a future worth living into

Faith Calms the Noise, Planning Calms the Numbers

Faith helps us deal with the fear. Planning helps us deal with the facts. What happens when we put them together? We get clarity, peace of mind, and a little more confidence in both our financial projections and the universe.

Now, let’s be real. Faith won’t rebalance your portfolio. It won’t calculate your safe withdrawal rate or decode your Medicare options.
But faith does help when the what-ifs hit:

– What if the economy tanks?
– What if I get sick?
– What if I outlive my money or—gasp—my spouse lives 20 years longer and spends it all on supplements and pickleball gear?

Financial Planning says: “Here’s the data. Here’s what we can do.”
Faith says: “And here’s the hope and trust that you’ll be okay anyway.”

You Don’t Need to Be Religious to Have Faith

Faith doesn’t require a steeple or a yarmulke or chanting under a full moon (although, if that’s your thing—bless it).

Faith shows up when we:
– Envision a future version of ourselves
– Give generously, even when we feel uncertain
– Choose progress over perfection
– Keep going even when the numbers freak us out

And let’s not forget who we can have faith in:
– Your financial or retirement planner
– Your best friend who’s already retired, and still has great legs or great hair
– Your ability to adapt, grow, and course-correct
– Your dog (seriously, they always think you’re doing amazing)

– And yes… let’s not forget your mom. The woman who made something out of nothing, raised you on a budget tighter than your old jeans, and still believes in you more than anyone else. Even if she isn’t here anymore, you can probably still hear her in your head saying, “You’ve got this.”

And you do.

So What Role Does Faith Play in Financial Planning?

In my humble opinion, faith is what helps us start. Planning is what helps us continue. Community, like your team of financial pro’s, family and friends, who support you and say “you’ve got this”, is what helps us stay the course.

Whether your faith is in God, the stock market (good luck), love, retirement planning software, or simply your future self—you need something to believe in. Because if you’re building a financial plan without a little faith baked in, you’re missing a key ingredient.

A Final Note from Me (and Maybe My Mom)

Regardless of your faith, today is the perfect day (the eve before Good Friday) to wish you and your family a…

Happy Easter or
Happy Passover or
Happy Ramadan or
Or Just to wish you Happiness (which might be enough for you)

Whatever your faith — religious, spiritual, cosmic, or just a deep trust in chocolate Easter bunnies and long naps — it’s good to be happy AND faithful. Here’s to both.

Let’s Get Her Done (Amen to having a faith and a financial plan)!!

P.S. If you’ve lost faith in your financial or retirement advisor, or you’re ready to place your faith in an advisor for the first time, reach out, I can hook you up: lynnt@herretirement.com.

SmallBizLynn

Retirement Planning for Small Business Owners: Tips to Achieve Financial Freedom

by BlogSmall BusinessWealth

As a small business owner, you’ve worked hard to build your dream, wearing multiple hats and navigating countless challenges along the way. But when it comes to retirement planning, many business owners find themselves unprepared. Unlike employees with a traditional 401(k), you’re responsible for setting up your own path to financial freedom.

The good news? With the right strategies, you can build a secure retirement while continuing to grow your business. Here are actionable tips to help you plan for the future you deserve.

  1. Start Early—But It’s Never Too Late

The earlier you start saving for retirement, the more time your money has to grow. But even if you’re getting a late start, don’t let that discourage you. Begin today by creating a plan and committing to consistent savings.

Tip: Use retirement calculators to determine how much you’ll need based on your lifestyle and goals. Her Retirement has a great calculator you can try out for free.

  1. Separate Your Personal and Business Finances

It’s common for small business owners to reinvest heavily in their businesses, but relying solely on your business as your retirement plan is risky. Market conditions, competition, or unforeseen events can impact your business’s value.

Tip: Open a retirement account separate from your business finances to build a diversified portfolio of investments.

  1. Leverage Tax-Advantaged Retirement Accounts

As a business owner, you have access to a variety of retirement savings vehicles, many of which offer significant tax advantages:

  • SEP IRA: Simplified Employee Pension plans allow you to contribute up to 25% of your income ($70,000 or 25% of an employee’s compensation, whichever is lower in 2025).
  • Solo 401(k): Designed for self-employed individuals, this plan allows contributions as both employer and employee, with limits.
    – Employee contributions
    Employees can contribute up to $23,500, or 100% of their compensation, whichever is less.
    – Catch-up contributions
    Employees who are 50 or older can contribute an additional $7,500. Employees who are 60 to 63 can contribute an additional $11,250.
    – Employer contributions
    Employers can make a profit-sharing contribution of up to 25% of the employee’s compensation or net self-employment income. The limit on compensation that can be used to factor the contribution is $350,000.
  • Defined Benefit Plan: If you’re nearing retirement and need to catch up on savings, a defined benefit plan offers the potential for high contributions.
  1. Plan for the Sale of Your Business

Many small business owners hope to fund their retirement by selling their business. While this can be a significant source of income, it’s essential to plan carefully.

  • Get a professional valuation to understand your business’s worth. Reach out to Her Retirement, we can connect you to a great resource for this.
  • Develop an exit strategy that outlines how and when you’ll sell.
  • Consider working with a financial/retirement advisor to reinvest the proceeds into a diversified portfolio.

Tip: Don’t count on selling your business as your sole retirement plan—it’s wise to have multiple streams of income.

  1. Create a Contingency Plan

Life is unpredictable, and events like illness, disability, or economic downturns can disrupt your plans. Protect yourself and your family by:

  • Purchasing life insurance and disability insurance. Reach out to Her Retirement, we can help you with this.
  • Creating a succession plan for your business.
  • Building an emergency fund to cover unexpected expenses.
  1. Automate Your Savings

Running a business can be unpredictable, but automating your retirement contributions ensures that you stay on track. Set up automatic transfers to your retirement account to make saving consistent and effortless.

  1. Reduce Debt and Increase Investments

Paying off high-interest debt can free up more money for retirement savings. At the same time, focus on growing your investments to build wealth over time.

Tip: Work with a financial/retirement advisor to balance debt repayment with investment growth.

  1. Maximize Your Business’s Value

Boosting your business’s profitability not only helps in the short term but also increases its value when it’s time to sell. Focus on building systems, reducing expenses, and developing a strong customer base.

  1. Prioritize Health and Longevity

Financial freedom in retirement isn’t just about money—it’s about having the health and energy to enjoy it. Invest in your well-being by staying active, eating healthy, and scheduling regular check-ups.

Tip: A healthier lifestyle can also reduce long-term healthcare costs, which are often a major expense in retirement.

  1. Work with a Retirement Specialist

Retirement planning for small business owners can be complex. A professional can help you:

  • Develop a personalized retirement strategy.
  • Minimize taxes.
  • Create a succession and estate plan.

Reach out to us at: retire@herretirement.com for help with your retirement (aka financial freedom) plan.

Bonus Tip: Use a Business Credit Card Wisely

A great business credit card can help you separate expenses, track spending, and even earn rewards points that can be reinvested into your business or used for travel perks. Consider a card like the Chase Ink Business Preferred® for its generous points system and benefits tailored to entrepreneurs. Just be sure to pay off your balance monthly to avoid interest charges!

Build the Future You Deserve

Retirement planning isn’t a one-size-fits-all approach, especially for small business owners. By taking proactive steps today, you can build a retirement that provides financial freedom and aligns with your goals.

Remember, it’s never too early—or too late—to start planning. Begin with small steps, stay consistent, and don’t hesitate to seek guidance: retire@herretirement.com. Your future self will thank you!

#RetirementPlanning #SmallBusinessOwners #FinancialFreedom #EntrepreneurLife #PlanForRetirement #HerRetirement #WomenInBusiness #WealthManagement #FinancialPlanningTips

NewYear

New Year, New Markets: How to Stay Financially Strong in 2025

by BlogWealth

As we approach the end of 2024 and start looking ahead to 2025, it’s time to reflect, plan, and prepare for the year ahead. Sure, we all make resolutions (and sometimes keep them), but one goal should be universal: ensuring our financial futures are secure, no matter what the new year brings. A new year means new opportunities—and potentially new market challenges.

Let’s be honest: markets can be unpredictable, like that one relative with overly long holiday dinner stories (LOL). While we can’t control every twist and turn, we can prepare. Here’s how to step into 2025 with confidence, protect your money, and keep your peace of mind intact.

 

  1. Take Stock of Your Current Financial Situation

Before setting goals or making big changes, take a moment to evaluate where you stand financially. Are you saving enough? Investing wisely? Tracking your spending? Now is the perfect time to create a clear picture of your income, expenses, debts, and savings.

Break it into manageable steps:

  • Review your income sources.
  • Track your monthly expenses.
  • Evaluate your debts and interest rates.
  • Assess your savings and emergency fund.

If you’re unsure where to start, consider working with a financial planner or retirement coach. Women in transition can find tools designed just for them—like the ones I offer on my platform—to create a personalized roadmap.

Check out my Retirement Readiness platform to take an inventory of what you have and what you’re missing. Check it out here.

 

  1. Reassess Your Retirement Strategy for 2025

Markets change, and your strategy should evolve with them. Take the time to review your portfolio, risk tolerance, and asset allocations to ensure they align with your goals.

Ask yourself:

  • Is my portfolio diversified enough to weather market volatility?
  • Am I taking advantage of tax strategies that could save money in 2025?
  • Are my income streams sustainable in case of market downturns?

Adjusting now can help you navigate the year’s inevitable ups and downs while staying on track for your retirement goals.

 

  1. Set Clear and Achievable Financial Goals

Instead of vague resolutions like “save more” or “spend less,” set specific, actionable goals for 2025. Examples include:

  • Increase your 401(k) contributions by 2%.
  • Pay off a specific credit card by June.
  • Open a Roth IRA or HSA to maximize tax benefits.

If planning for retirement is your focus, download my Her Retirement Roadmap to create a clear, actionable plan that empowers you to take control.

 

  1. Prioritize Your Mental Health

Financial planning isn’t just about numbers; it’s also about mindset. Stress over market volatility or financial uncertainties can lead to poor decision-making.

Combat financial stress by:

  • Practicing mindfulness or meditation.
  • Taking breaks from constant market monitoring.
  • Exercising to reduce anxiety.
  • Leaning on supportive communities or financial coaches.

Remember, a calm and clear mind helps you make better financial decisions.

 

  1. Prepare for the Unexpected

Life loves throwing surprises our way. Whether it’s a medical emergency, an unexpected job change, or market shifts, having a solid financial cushion is essential.

Start building or bolstering your emergency fund: aim for 3–6 months’ worth of living expenses. Also, make sure your insurance policies—health, life, and long-term care—are up to date to protect against unforeseen events.

 

  1. Think About Your Legacy

2025 could be the year you focus on your legacy. Ensure your estate plan, will, and beneficiary designations are current. Consider what you’d like to leave behind, whether it’s financial security for your loved ones, charitable donations, or a well-organized estate.

Check out: www.GetHerWillDone.com for a number of resources.

 

  1. Seek Support and Resources

You don’t have to tackle financial planning alone. Whether you work with a financial advisor, take one of my retirement courses, or join a community of like-minded women (that I’m launching on January 1), support can make all the difference.

I recommend checking out my Her Retirement Roadmap MasterCourse or exploring our membership program for tools, guidance, and encouragement.

 

Final Thoughts

As we say goodbye to 2024, let’s celebrate the wins, learn from the challenges, and get ready for a fresh start in 2025. With preparation, adaptability, and a focus on your goals, you’ll be ready to thrive—no matter what comes your way.

Cheers to a year of financial empowerment, peace of mind, and progress. The ball might drop, but your financial confidence doesn’t have to. Let’s make 2025 your best year yet! If you need some help getting your health, wealth and happiness on track, check out my HappiHer, HealthiHer, WealthiHer Journal & Planner at: www.HHWJournal.com.

If you need some guidance, reach out to lynnt@herretirement.com. She can help you Get Her Done!

Gold Modern Calligraphy Thanksgiving Quote Facebook Post (3)

The Myth of the “Magic Number” in Retirement Planning

by BlogRetirement IncomeRetirement Income PlanningWealth

For years, Americans have been told they need to save a “magic number” to enjoy a comfortable retirement. Recent surveys by firms like Northwestern Mutual and Charles Schwab have pegged this figure between $1.5 million and $1.8 million, but experts argue that such benchmarks are oversimplified and misleading.

Lynn Toomey, founder of Retirement Solved and Her Retirement, emphasizes the importance of personalizing retirement planning instead of chasing arbitrary figures. “Retirement isn’t one-size-fits-all. The number you need depends entirely on your unique lifestyle, goals, and income sources,” Toomey explains.

Survey Findings vs. Reality

A Northwestern Mutual survey earlier this year found that Americans believe they need $1.46 million for retirement, a 15% increase from 2023. Similarly, Schwab survey respondents cited $1.8 million as their target. While these numbers grab headlines, they fail to account for individual circumstances, and in fact can work against those struggling to catch up to these numbers.

A 2023 study by Transamerica Center for Retirement Studies adds further context to the discussion on retirement “magic numbers.” According to their findings, the median amount that U.S. workers believe they need to save for a comfortable retirement is $500,000. However, their actual median savings often fall far short, highlighting a gap between aspiration and reality.

This data underscores the disparity in savings goals and the challenges many face in reaching them. For example:

  • Workers in their 20s estimate they’ll need $250,000, while those in their 60s target $1 million or more.
  • 40% of respondents admitted they based their retirement goal on a “guess” rather than a calculated plan.

Real Life Numbers

A sampling of real-life examples highlights the wide range of what people believe their “magic number” for retirement is:

  • Sarah, a 60-year-old teacher, says, “I’ve always thought $1 million was the golden number. But with inflation, I’m worried that might not be enough.”
  • Mark, a 55-year-old engineer, believes, “With $2 million, I’ll feel secure enough to travel and maintain my current lifestyle.”
  • Lisa, a 62-year-old nurse, notes, “My goal is $750,000, combined with Social Security. I’ve paid off my mortgage, so my expenses are lower.”
  • Tom, a 65-year-old small business owner, says, “I’ve saved $500,000 and rely on my pension and Social Security. That’s enough for my modest lifestyle.”
  • Karen, a 58-year-old graphic designer, admits, “I don’t have a number in mind. I just save as much as I can and hope for the best.”

These examples illustrate that people’s perceptions of their “magic number” vary widely based on their financial literacy, lifestyle expectations, and planning. As Lynn Toomey points out, “A single number doesn’t work for everyone. In addition, most people don’t understand cash flow in retirement and have a really poor sense of how much income they’ll have access to and how much they can generate. And as far as expenses, many people have no idea how much their “real” expenses will be in retirement. Effective retirement planning means understanding your unique needs and crafting a strategy tailored to your goals and resources.”

It’s Not About the Number

David Blanchett, head of retirement research at PGIM, argues that the fixation on a magic number is more about generating buzz than providing actionable advice. “Retirement success depends on factors like age, lifestyle, and guaranteed income sources—not on hitting $1 million or $2 million,” he says.

Toomey concurs, adding, “For some, $500,000 may suffice when combined with Social Security or a pension, while others with $5 million may still struggle due to high spending habits. The key is understanding your personal needs.”

A Practical Approach

Experts stress that retirement planning should begin with assessing guaranteed income sources like Social Security and pensions. The next step is determining how much savings will be needed to supplement this income.

Toomey recommends working with retirement specialists: “Don’t settle for a generalist advisor. Seek out someone who focuses exclusively on retirement planning. They’ll help you create a strategy tailored to your needs, not based on arbitrary benchmarks. Note: I can hook you up with a retirement specialist.”

Flexibility Is Key

Ultimately, retirement isn’t about achieving a single savings goal but about creating a plan that aligns with your life. Toomey advises, “Think of retirement as a journey, not a destination. Whether you plan to live modestly or lavishly, start by understanding your life goals, your numbers and then making informed decisions. The ‘magic’ lies in preparation, awareness and adaptability, not in the number itself.”

By moving beyond the hype of the magic number, retirees can focus on what truly matters: financial security and a fulfilling lifestyle. Reach out when you’re ready to get clarity on your real cash flow needs in retirement.

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Balancing Today and Tomorrow: Enjoying Life Now While Saving for a Secure Retirement

by BlogRetirement Income PlanningWealth

Some financial experts, like David Bach and Danielle Roberts, argue that daily splurges, such as coffee purchases, can derail your retirement savings. According to Bach’s “Latte Factor,” the money spent on small luxuries can add up significantly over time, especially with compound interest, potentially creating a more secure financial future if invested instead. For instance, spending $30 a week on coffee, rather than investing it, could cost over $240,000 in missed savings by retirement age. This approach, promoted by personal finance platforms like Acorns, is meant to emphasize the power of small savings to boost long-term financial stability​.

Even Prudential’s recent “Latte Factor”-inspired ad, promotes the idea of achieving retirement security by cutting out small, daily indulgences. Their messaging suggests, “Every coffee you skip is one step closer to that future beach day, and every splurge you pass up is helping to build your dream castle.”

However, at Her Retirement we take a different stance. While retirement planning is crucial, we don’t believe that people should cut out all the “extras” that make life rich. Instead, we believe people should focus on building a practical financial plan that allows for both enjoyment today and preparation for tomorrow.

Balancing enjoying life now while saving for retirement can feel like a tightrope walk, but it doesn’t have to be! Here’s the thing: both goals are important, and with a bit of planning, you can achieve both without sacrificing too much of either. Let’s break it down into some practical steps:

  1. Prioritize What Makes You Happy Now

It’s tempting to think you need to cut all the “extras” to save for retirement, but that’s not true. Identify what genuinely brings you joy and energy in your current life. Is it traveling? A monthly dinner out? Helping out family? Once you know your “must-haves,” you can budget for them intentionally, giving you guilt-free enjoyment now while keeping your financial future in mind.

  1. Create a Balanced Budget

Think of your budget as a balance sheet for life happiness. Set aside money for everyday life and long-term goals. Start with essentials, add in those “must-haves” we talked about, and then funnel some savings toward retirement. A great tip is the 50/30/20 rule: 50% on needs, 30% on wants, and 20% toward savings, including retirement. Adjust the percentages if you need to — it’s about balance, not perfection.

  1. Set Up Automated Savings

Automating contributions to your retirement fund means you’re paying yourself first — a simple step that makes saving easy and less painful. Start with whatever amount feels comfortable, and increase it over time. This way, you’re consistently investing in your future without constantly having to think about it.

  1. Be Smart About Debt

High-interest debt, like credit cards, can be a real budget drain, limiting both your current lifestyle and future savings. Work on paying off debt strategically so you’re not spending tons on interest, freeing up more cash for both today and tomorrow.

  1. Plan for Some Financial Flexibility

Life happens, right? Build in some flexibility, like an emergency fund, so you’re not dipping into savings for every unexpected expense. This cushion gives you more freedom to enjoy life’s little moments while keeping long-term goals intact.

  1. Visualize the Future (Without Obsessing)

It’s easy to get overwhelmed by retirement planning — after all, it’s a big goal! But instead of letting it stress you out, try to get inspired by it. Think about what you want retirement to look like. Knowing what you’re working toward can make it feel like a fun challenge instead of a financial weight.

  1. Check In Regularly

Every few months, take a quick look at your budget, savings, and spending habits. Small adjustments now and then keep you on track without having to make drastic changes. It’s all about creating a balance that feels natural.

  1. Enjoy Life Along the Way

It’s easy to get so focused on retirement that you forget about the joy of today. Remember, a balanced approach means finding happiness now and later. So, spend time with friends, enjoy your hobbies, and create memories. After all, that’s what financial planning is for: living a life you love, today and tomorrow.

By taking these steps, you’ll get closer to that sweet spot between living for today and planning for tomorrow. Retirement planning isn’t about sacrificing everything; it’s about finding ways to create a life that’s fulfilling and secure, now and in the future.

Reach out to Her Retirement for help with walking the tightrope. We got you.

Attribution: Designed by Freepik

 

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Rolling Into Retirement

by BlogRetirement Education

The story, Rolling into Retirement Like a Boss, follows a friend group of women in their late 50s as they revisit their roller-skating glory days to celebrate friendship and to prove that age is just a number.

Lynn tightened the laces on her old roller skates, the kind with bright orange wheels and neon rainbow laces. She couldn’t help but grin as she glanced at the other women beside her—her ride-or-die crew from back in the day. They’d spent every Friday night in the ‘70s and ‘80s skating around the rink, crushing on the DJ, and perfecting their backward crossovers. Now, they were preparing to roll into those traditional retirement years with the same energy, and of course, the same sass.

Jill, the wild one with a head full of silver curls, gave a mock-serious nod. “You know, if we can still do this without breaking a hip, we’re officially winning at this mid-life thing.”

“Mid-life?” questioned Lynn, “Do you expect to live to 116 Jill?”

“You’re right,” Jill said. “Damn, we’re a little older than I thought.”

“I’m more worried about getting off the rink than getting on,” chimed in Tina, winking. “I don’t remember how to stop.”

“I’m not even sure my legs are going to hold up,” quipped Cheryl.

The rink was just like they remembered it—disco ball shimmering above, classic hits blaring over the speakers. “Stayin’ Alive” was playing as they took to the floor, the irony of the song choice not lost on any of them.

The one main difference was this was 50-plus night at the rink. The other skaters looked a little older than they remembered.

The trio formed a line, hands linked, rolling slowly at first. It was like muscle memory kicked in, and suddenly, they were skating with the confidence of their 20-year-old selves. Sure, there were a few wobbles—especially when someone tried to attempt a spin—but the laughter was contagious.

“See gals, this is what rolling into retirement will look like?” Lynn yelled over the music, half skating, half dancing to a Donna Summer song.

Jill, always the daredevil, went for a full twirl. “We may have a few more wrinkles, but we’ve still got moves, baby! We’re just getting started…on our second act. And it’s gonna be disco-tastic!”

As they circled the rink, the young skate guards were seemingly enjoying watching all these 50-plus women and men, defying the stereotype of what “old age” was supposed to look like. No sitting on a porch knitting here—these ladies were rolling into the next phase of their lives like boss babes.

The DJ, sensing the vibe, switched the track to ABBA’s “Dancing Queen,” and the women erupted in cheers. They glided along, arms raised in celebration, feeling the decades melt away.

“Let’s keep doing this ladies, it’s so fun.” Tina blurted out as she tried a little backwards skating. “Who said we have to slow down when we decide to retire?”

Jill chimed in, “It’s about knowing when to hit the rink, when to crank the ABBA, and when to enjoy the ride. And we’re going to rock it…maybe.”

With that, they rolled off the floor, breathless and beaming, high-fiving each other like they’d just conquered the world. And maybe they had—because no matter how many years had passed, they knew one thing for sure: they were still skating through life like the queens they’d always been.

As the ladies kicked off their skates and settled into a booth, sipping on some well-deserved adult beverages, the conversation turned to more than just reminiscing about their glory days.

“Alright, queens,” Cheryl the ever practical (and cautious one) said, adjusting her reading glasses. “We’ve mastered the rink, now let’s talk about our slow roll into retirement. We’ve got Lynn the retirement expert here. Let’s pick her brain. What is y’alls plan? I’m worried about retirement?”

“I don’t even know if I can retire,” added Tina. “I have no idea how much money I’ll need and if my nest egg is enough.”

“Well, I’m definitely ready to give my boss the boot, snickered Jill, “And I’ll do it with these bad-ass skates on too!”

“Yeah and then you’ll fall on your ass,” retorted Lynn.

‘Nope, I’ll roll right over him and never look back. And then I’ll roll-over my 401k and live happily ever after. Ha.” Jill added as she laughed and choked on her sip of hard cider.

“That’s a good one.”

The women all giggled.

“I for one, don’t have plans to retire ladies. I love what I do, and I don’t have a boss to roll over,” added Lynn smirking. “But, I can answer any questions you all have and get you ‘rolling’ in the right direction.”

Cheryl, ever the practical one, nodded. “You know, the key to a smooth retirement is all about finding your balance—just like on the rink. How do we strike a balance between our health, our wealth and our happiness?”

“Oooo, someone has been listening to my podcast and YouTube videos,” quipped Lynn.

Cheryl gave Lynn a wink.

“let’s hear some suggestions, Lynn,” Jill piped in.

Tina added, “Yeah, I don’t even know where to start. It’s freaking overwhelming.”

Well, let’s refill our drinks and keep this conversation rolling. I got you my BFFs,” Lynn began.”

“Yeah and all the other over 50 women like us,” added Cheryl, with a high-five to Lynn.

“Okay, ladies, here goes. A few suggestions for ‘cruising’ safely and happily into retirement or whatever the hell you want to call it.”

First, Keep Moving, But Know Your Limits

  • “We might not be doing double axels, but staying active is essential. Walking, swimming, roller skating, lifting weights, yoga and eating right. We need to focus on our physical health. And don’t forget about mental health. Meditation is awesome.

Second, Review Your Retirement Finances & Have a Plan

  • “Before you give your boss the boot with those skates Jill, make sure you’ve checked your wheels—uh, I mean, your finances. It’s important to know where you stand with savings, investments, and stuff like your retirement income and Social Security. You also need to make sure you have a plan for health insurance, maybe long-term care protection and estate planning. Jill, you need to make sure you and Bill have a will and trust for the kids. Tina, your house is paid off, you can leverage your home equity in retirement. And Cheryl, you probably could really benefit from tax planning. You could be subject to IRMAA in retirement. A little planning now means you can glide smoothly later ladies. Planning is numero uno. Those who plan live a better, more intentional and financially secure retirement.

Third, Stay Social, But Skip the Drama

  • “Remember those Friday nights when drama seemed to follow us everywhere…even here at the rink?” Lynn laughed. “In retirement, it’s all about surrounding yourself with positive vibes. Stay connected with friends (like us) and family, join clubs, or find a new hobby. Life is way more fun when you’ve got a crew to roll with, and you’ll live longer.

Fourth, Embrace New Adventures—Safely

  • “We may not be jumping at the rock quarries anymore, but that doesn’t mean we can’t try new things,” Lynn added with a grin. “Just make sure to use some common sense. Whether it’s traveling, picking up a new hobby, or even just exploring your own neighborhood, keep safety in mind—especially if you’re going solo. And don’t fall for someone calling you and trying to scam you. Senior scams are BIG business and so many people fall prey to it.

Fifth, Health Check-Ups: Your Tune-Up

  • “We always made sure our skates were in good shape, right?” Lynn pointed out. “Same goes for our health. Regular check-ups with your doctor, eye exams, breast exams, all those shots for senior, and staying on top of any medications will keep you rolling along without unexpected bumps.”

Sixth, Budget for Fun

  • “Just because you may be retired doesn’t mean we’re done having fun,” Lynn added. “Make sure your budget includes room for little luxuries—whether that’s a trip, a spa day, or just a night out with the girls (wink, wink). We’ve earned it!”

Seventh, Focus on Your Purpose

  • “Just because we’re closing in on those traditional retirement years doesn’t mean we have to “retire” in the traditional sense. We can define a new purpose for our lives. There’s lots of research on purpose and retirement. Research consistently shows that having a sense of purpose in retirement can significantly enhance both mental and physical well-being.”

“Wow, that’s an awesome list, Lynn. Thank you so much,” Tina said giving Lynn a big hug.

“You’re welcome,” added Lynn. “I know it feels like a lot, but we got this ladies and I’m always here for you. We can be HappiHER, HealthiHER and WealthiHER and I’m here to help you Get HER Done.

As the group of friends gathered their things, Jill stood up, wobbling slightly on her feet. “And if you do take a tumble—whether it’s skating or life—just remember, the trick is getting back up and laughing about it. We’ve got this, ladies. Retirement? Phhh. We’re rolling into it like boss babes!”

That’s the spirit! Rolling into retirement with confidence and a plan (and a little bit of humor) makes all the difference. Those tips feel just like strapping on your roller skates—if you keep your balance, plan ahead, and have fun along the way, you’re bound to enjoy the ride!

How Do I Get Started Planning for Retirement?

Getting started on rolling into retirement smoothly is a lot like prepping for a great night at the rink. Here’s your step-by-step guide:

  1. Assess Your Current Situation
  • Finances First: Review your savings, pensions, and Social Security benefits. Knowing what you have to work with will give you peace of mind. Use retirement calculators like the Her Retirement Readiness software platform to help you.
  • Health Check: Schedule a full health review with your doctor. Knowing where you stand health-wise will help you plan for activities that suit you now and down the road.
  1. Set Clear Retirement Goals
  • What do you want retirement to look like? Travel, hobbies, time with family? Write it down. Knowing your goals will help you prioritize and budget accordingly. The Her Retirement Readiness software has an entire module to help you envision your retirement.
  1. Create a Retirement Budget
  • Track your current expenses and see how they may change once you retire. Be sure to budget for both essentials (housing, healthcare) and fun stuff (travel, hobbies). Include a cushion for unexpected expenses. Knowing your cash flow (income minus expenses) is essential. The Her Retirement Readiness software has a Smarter Spending Tracking Tool to help you know and track your cash flow, now and in retirement.
  1. Stay Active and Engaged
  • Find physical activities you enjoy, whether it’s walking, swimming, or even roller skating every now and then. Staying active helps keep your body and mind sharp.
  • Look into local clubs or classes where you can meet new people or learn something new—like dancing, cooking, or gardening. It’s all about keeping life exciting!
  1. Start Organizing Your Paperwork
  • Make sure your will, power of attorney, and any advance directives are in order. It’s a small step now that gives you huge peace of mind later. Check out the Her Retirement Personal Info & Emergency Planner at: www.HerEmergencyPlanner.com
  • Organize any retirement accounts and insurance paperwork so it’s easy to access when you need it.
  1. Practice Letting Go of Work Stress
  • If you’re still working, start easing into a mindset where work doesn’t dominate. Maybe reduce hours or take on more flexible roles. Begin mentally transitioning to what life will look like when work isn’t the center.
  1. Find Joy in the Little Things
  • Treat yourself now and then. Whether it’s an afternoon spent with friends or picking up that old roller-skating hobby again, find ways to inject joy into your routine.

Starting on this retirement journey doesn’t have to be overwhelming. Just lace up, take it step by step, and before you know it, you’ll be gliding into your second half with confidence! If you need help rolling into retirement, reach out to Lynn at: lynnt@herretirement.com. I got you, and I’ll even go roller skating with you.

 

momceltics

The Boston Celtics, A Super Fan Named Carol and Retirement: The Surprising Parallels

by BlogRetirement AdvisorRetirement EducationRetirement IncomeRetirement Income PlanningRetirement Savings

The Boston Celtics are the NBA Champions for the 18th time!!  WooHoo. A world record. Wowza.

As a life-long Celtics Fan-atic I’ve been dreaming about this day for a while. My late mom, Carol, dreamed about it too. I will never again be able to think about the Celtics without thinking about my mom. A basketball player herself back in the 50’s and a HUGE Celtics fan. Perhaps their number one fan. She referred to Jayson Tatum as “Her” Jayson.

Last season, the Celtics (and Dana Farber Cancer Institute in Boston), kept my mom cheering and going strong until she gave in to her battle with Ovarian cancer last April. During the 22/23 season, Jayson’s number one fan endured a blockage in her kidney, a blockage in her stomach, two surgeries and stays in four different medical facilities. Throughout all of this my hero mamma NEVER missed a game! The Celtics were her medicine. Her dream was to see them win the championship last year. Neither the Celtics nor my mom, however, could pull it off.

But alas, the Celtics came back with vengeance for the 23/24 season and are now the NBA champs (with a little help from an angel in heaven named Carol). I think she was on the rim at the Garden Monday night. I also think she’ll be watching from above as banner number 18 is raised to the rafters.

My mom was fortunate to have witnessed years of Celtics games and championships. She was also fortunate and grateful to have had a long happy and mostly healthy life. She retired early at 58 and enjoyed a 30-year retirement! A life and retirement like this doesn’t just happen. Just like an NBA championship doesn’t just happen. It’s all a battle from the start.

The battle requires strategy, perseverance, commitment, consistency and teamwork. A little luck from an angel helps too.

So, let me break it down and see what lessons we can learn from the Celtics’ championship (and my mom) that you can apply to your own life and retirement.

  1. A Strong Game Plan

Boston Celtics: The Celtics didn’t just stumble onto the court and hope for the best. They had a well-thought-out strategy, focusing on both offense and defense. Every play was designed to maximize their strengths and exploit their opponents’ weaknesses.

My Mom: Divorced at 38 with four kids, my mom figured out a new strategy for her life. She had good offense and a good defense. She was one tough lady.

Your Retirement: Similarly, your retirement plan should be strategic. According to the Employee Benefit Research Institute, only 48% of Americans have calculated how much money they need for retirement and the average retirement is over 20 years in duration. Creating a detailed financial plan, which includes budgeting, saving, and investing, is crucial. Just like the Celtics, you need a solid game plan to ensure you’re financially prepared for the long run.

  1. Consistent Training and Adaptation

Boston Celtics: The Celtics’ success didn’t happen overnight. It took years of training, adapting to new players, and learning from losses. They kept refining their skills and strategies to stay at the top of their game.

My Mom: Lucky for my siblings and I, my mom had a career as a school teacher, which meant a reliable income (albeit small for a family of 5) and a retirement pension. Leaving our family home with kids in tow, she was the queen of adaptability. She was both a dad and a mom for many years, honing her skills on the job. Her plan: to get through each day, one day at a time and focus on being a good mother.

Your Retirement: Retirement planning is a long-term commitment. Saving significantly for retirement takes consistency and starting as soon as possible. Learning about money, finances and retirement early on is critical. Regularly reviewing and adjusting your financial plan is essential. Keeping up with changes in the market, adjusting your investments, and ensuring you’re on track to meet your goals is essential.

  1. Teamwork Makes the Dream Work

Boston Celtics: Basketball is a team sport. The Celtics’ victory was a result of excellent teamwork. Each player knew their role and worked together seamlessly, from the starting five to their incredibly talented bench. The team is steeped in talent.

My Mom: She kept us all close and we learned what it meant to function as a family team. We all chipped in to make daily tasks easier, we appreciated what we had, and every day ended with love and a smile.

Your Retirement: Your retirement plan should also involve teamwork. Financial advisors, accountants, and even family members can play vital roles in your retirement planning. According to a study by Vanguard, working with a financial advisor can add up to 3% in net returns on your investments. Surround yourself with a supportive team to help guide you through complex decisions and keep you motivated.

  1. Staying Healthy and Prepared

Boston Celtics: Physical fitness and injury prevention are crucial for NBA players. The Celtics maintained peak physical condition to ensure they could perform at their best throughout the season and playoffs.

My Mom: Physical and mental health was a priority for my mom, throughout her life. While not an exercise fanatic, my mom always took good care of herself and her kids. She had a good balance and instilled an active lifestyle in all of us.

Your Retirement: Health is equally important in retirement as it is in all the years before retirement. Medical expenses are a significant concern as we age, with Fidelity estimating that a 65-year-old couple retiring in 2023 may need about $315,000 for out-of-pocket healthcare costs in retirement. Maintaining a healthy lifestyle now can reduce future medical expenses and improve your quality of life.

  1. Handling Pressure Like a Pro

Boston Celtics: Performing well in high-pressure moments defines championship teams. The Celtics excelled under pressure, making clutch plays and rising to the occasion when it mattered most.

My Mom: The term cool as a cucumber was coined in my mom’s honor. JK. Seriously, my mom faced some pretty high-pressure moments in her life, but she handled these moments mostly with calm, courage and practicality. She always told us, “Where there’s a will, there’s a way.”

Your Retirement: Retirement planning can be stressful, especially when facing financial uncertainties or unexpected expenses. However, staying calm and making informed decisions under pressure is key. Diversifying your investments, having an emergency fund, and planning for contingencies can help you handle financial and retirement pressures like a pro.

  1. Celebrating Wins Along the Way

Boston Celtics: Every win during the season was a cause for celebration and motivation to keep going. The Celtics didn’t wait until the championship to acknowledge their successes.

My Mom: Celebrations in our family were a regular occurrence. Birthday parties, Christmas, and even everyday life, my mom was celebrating life and being grateful. My mom celebrated and appreciated the smallest things in life. A sunset was one of her favorites.

Your Retirement: Celebrate your retirement planning milestones too! Whether it’s hitting a savings goal, paying off debt, opening a Health Savings Account or making a smart investment decision, recognizing your achievements can keep you motivated and on track.

Conclusion

Winning an NBA Championship, being a single mom, fighting cancer, or planning a successful retirement all require determination, strategic planning, courage, teamwork, and the ability to adapt and perform under pressure. By applying these lessons from the Boston Celtics’ championship run, and from my mom Carol, you can set yourself up for a victorious and enjoyable retirement. So, lace up those sneakers—and let’s get her done.

Remember, whether you’re aiming for a championship ring or a comfortable retirement, the journey is just as important as the destination. Here’s to enjoying every season of life. Happy planning!

If you’d like some help with your financial plan for retirement, reach out to us. We can hook you up with a team of experts: retire@herretirement.com.