READY TO TAKE UP THE NOMADIC LIFESTYLE AFTER RETIREMENT?
Here’s How to Plan for It
You’ve worked hard for years to arrive at this moment: retirement. Now that you’re free of your 9-to-5 job, you have a lot more time for activities you enjoy. That extra time is what leads many people to turn to a nomadic lifestyle after retirement. Touring in an RV, sailing around the world, or even just retiring to a cabin in a remote locale are all popular options for new retirees. If the spirit of adventure is calling you, here are some financial tips to set you on the right path.
Many have turned their experience into books or blogs, like Lynne Martin, who’s been traveling around the world with her husband, Tim, for the last three years. The Martins used the sale of their home to finance their travels. They also take cruises to cut down on travel costs and often dine in to save money.
DO YOUR RESEARCH
DOWNSIZE BEFORE YOU GO
If you have a specific place in mind for your retirement, like Hawaii or Texas, look at rental costs and other lifestyle changes that can affect your budget. For example, Hawaii’s cost of living is cheaper than other popular retirement states, like Florida, but basic commodities may be more expensive. If a boat or RV is more your style, be sure to add repair and fuel costs into your budget. As you go about researching and planning, be sure to consult with your financial advisor so they can help you look at your current situation and make adjustments. With the proper planning, you’ll be living your nomadic dream in no time.
Some folks choose to sell their home and use the income to fund their travels, staying in apartments and rentals as they go. If that seems too drastic, downsizing to a smaller home is also a good option, especially if you plan to travel in intervals but want a home base to return to. This also gives you the option of renting your home while you’re away and using the money to continue traveling.
ASK OTHER NOMADS
Crowdsource advice from friends and family members who’ve taken the leap. Lots of other people have shared your dream and made it a reality.
The Story of the Golden Marker
A POWERFUL ESTATE PLANNING LESSON
get into a car crash and you don’t survive. Now, your husband owns the marker.
golden marker? The attorney. The kids spend all of the value of the golden marker fighting over it in the courts, and nobody wins. This is an extreme example, of course, but it illustrates a sad truth. If you accomplished implementing an estate plan during your life and linked what you owned and your beneficiary designations to your plan, the golden marker would have been protected from inadvertently being passed to your husband’s second wife’s children. There is an entire area of law built around estate planning for a reason. If you aren’t planning and actively reviewing and updating your plan, the truth is that your assets may not go to whom you want, the way you want, and when you want. If you can’t remember the last time you reviewed your plan, chances are it is time for a review meeting. Give us a call at 317-726-1714 today to schedule a review meeting to assure you are still on track to protect your legacy.
He grieves you for years. He had a happy and loving marriage with you, but eventually, he has to move on. Your husband starts to date again, and he falls in love with another woman. Let’s call her Becky. Becky has her own two children from a previous marriage, and at first, your husband and Becky are careful to keep their assets separate. But eventually, they get married, and who owns what becomes increasingly blurry. After a long second marriage, your husband passes in his old age. As his spouse, Becky now owns that golden marker your parents left you. And when your children come asking for it, they discover that Becky has left the marker to her own children. Knowing that it is their rightful inheritance, your kids take Becky’s kids to court. In the end, you know who ends up with the
Imagine that your parents give you a golden marker. It has been in your family for generations, and it’s worth $1 million. Your parents gave it to you with the expectation that you will pass the marker along to your children when you die and that the marker will stay in your family for many generations to come. One day, when you’re all grown up, you meet the man of your dreams. The two of you get married, and you have two children together. But, on the way home from the grocery store one night, you
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