How to retire debt-free and enjoy the next stage
Retirement is meant to be enjoyed. Maximize yours by learning how to retire debt-free. Dupaco member (and recent retiree) Chuck Andracchio explains.
By Michael Poppen
Financial consultant at Dupaco Financial Services
There is no greater joy in life than being able to express one’s self—basking in those moments of authenticity.
I believe that’s why music is so powerful and important. It speaks to each of us in a way that can prompt the most primal responses of emotion.
Right now, we’re in the season of Yacht Rock radio. For those unfamiliar, Yacht Rock is a Sirius XM channel playing a smooth collection of classic rock hits. Bands like Steely Dan, Hall & Oates and the Doobie Brothers soothe us with voices as feathery as their hair, and harmonies tighter than the silk-polyester blend of the shirts they wore.
Since the advent of satellite and streaming radio, it’s easier than ever to jump from one genre of music to another with one push of a button.
I find Sinatra best while sipping on that Friday night Manhattan. And alternative/grunge is mandatory while painting the house or gearing up to replace the leaking toilet’s wax ring.
We all have our favorites, but it’s obvious how our music tends to reflect our mood or personality, and vice versa. The same can be said of investment and retirement or income planning. You can employ several scenarios to achieve a stated objective.
Most financial plans use solutions varied or influenced by our mood or understanding.
In some cases, relying too heavily on emotions or a favorite investment tool hinders or restricts plans. Objectives are certainly personal. But in order to achieve them, we sometimes have to step away from where we feel the most secure.
Much like a playlist, you can diversify your investments into the traditional age-based equity/bond split. However, to take that one step further, we might look to use other investment options available beyond stocks and bonds.
To use another analogy, a song played on a CD player, SONOS system and a 1950s record player console channel that favorite song or tone differently. However, each player has its specific purpose and identity.
One isn’t necessarily better than the other—just different.
When preparing for retirement, it’s important to look at each option as a potential opportunity.
If the objective is to provide income, based on your needs, let’s look at what several of these potential retirement income opportunities offer. All of them can be held as IRA, Roth IRA and non-retirement vehicles.
So, for your listening pleasure, here are a few ideas:
There is no doubt one might sound better than the other. But, again, when trying to generate a desired income or temper investment risk, it might make sense to sing a different tune.
In some cases, the best potential for success might be a matter of blending different approaches (different buckets to draw from, grow and replenish) to achieve the desired objective.
Every plan or retirement objective is unique.
In fact, it’s a lot like jazz—a poignant note or blistering synergy of different instruments to achieve a distinctive sound. The collaboration between the client, adviser and the instruments used always should be open to movement and improvisation.
Just be sure to at least listen to the music.
Dupaco Financial Services is a division of Dupaco Community Credit Union — the financial home you own — so you can rest assured that you're working with an organization that will act with your personal interest in mind. Dupaco Financial Services works with a national, full-service securities brokerage firm, LPL Financial, to make available top-of-the-line investment and insurance information and opportunities.
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