Don Grady is a CPA and Professor of Accounting at National Louis University, Chicago
I attended our Sun City Huntley Annual Meeting the other night and found the results of the survey very interesting. What I found most interesting is that approximately 80 percent of those who responded to the survey are fully retired. Previously, I had thought a greater number of Sun City residents were still in the workforce. However, my neighbors tease me that a university professor does not really “work.” Hmmmm.
I stopped to think about whether the fully retired members of our community had a plan for retirement when they made the transition. I have read articles that say when Boomers retire from their job without a plan they may feel depressed because they are losing their identity. A trustworthy retirement adviser can help them find a new identity. I have to admit that I have coached a number of executives in industry on how to build upon their strengths and overcome significant weaknesses to be successful in their leadership roles, but I am no expert on crafting plans for retirement. The planning I have done so far is with advice from my neighbors and colleagues at the university.
Fees charged by retirement advisers vary, and are not covered by insurance, like a therapist would be. Ensuring an adviser’s credibility is extremely important, as insurance agents sometimes call themselves “certified senior advisers” while lacking any actual certifications.
As more and more baby boomers reach retirement there is a growing need for qualified retirement advisers. They need to be well versed not only in financial matters but in a wide variety of “second life” careers. Health and finance tend to head the list of concerns for seniors but there is far more in the “later in life” careers. The wisdom, wellness, wealth, and winding roads of experience that get us to the retirement stage are not to be wasted. Maybe you could be a retirement advisor yourself!
• Send in your questions and ideas to: Sun Day, Frugal Forum Column, P.O. Box 761, Huntley, IL 60142, or, by email to: thefrugalforum@gmail.com
