At the beginning of one’s career, retirement seems too far away to plan for it. And there is much to accomplish between now and then, anyway. Life becomes busy, and the to-do list seems endless. Those in good health who managed to plan and save for retirement in between life’s milestones, such as job changes, promotions, weddings, children, and moves, have a good shot at the opportunity design their retirement exactly as they wish. If saving for retirement didn’t make it to the top of the to-list, it’s time to reprioritize. There is a lot to love about today’s retirement living options, making it even more critical to work with a financial planner and stay committed to a plan so that retirement is something to look forward to, rather than a stage of life to fear.
For years, senior living communities have been planning for the arrival of Baby Boomers, as they are next in line to make the move. Whether these communities are rebranding, remodeling, or in development, they are positioning themselves to serve a new generation of residents who are tech-savvy, educated, well-traveled, and accustomed to service and choice. “Developers are recognizing there is a silver tsunami coming our way as Baby Boomers are looking at options that will enhance their retirement years,” says Mike Hughes, managing director of Watermark Retirement Communities. “Today’s communities aren’t the traditional retirement communities or nursing homes that many remember. Many communities are following what cruise lines have done for years by offering an abundance of variety.”
Inflation and a looming recession have upended the economy, leaving those who are newly retired and soon-to-retire panicked about the losses in their portfolios—the savings that will fund this life of fun and freedom. Those who are 10 to 15 years from retirement are also impacted, as there is little time to make up for the losses. Wealth managers with RGT Wealth Advisors have been educating their clients about what is happening in this volatile economy and about the next steps to take as the market adjusts.
Matt Krauss, managing director at RGT, says he has been fielding questions and concerns about the overall economy from his clients for more than a year. It is a time unlike few others in history, he says, and a resetting is taking place. “We are seeing one of the worst years for diversified portfolios in 70 or 80 years,” Krauss says. “The silver lining is, if the math works at the end of this year, for those planning to retire soon, the potential for success—however you define that—has gone up.”