Retirement Planning Strategies - June 2019

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JUNE 2019

HEALTHY, WEALTHY,

&Wise

1 Denver Federal Center Building 45, Entrance E-9, Room 1050 Lakewood, CO 80225

What Would You Do if You Had No Limitations? YOU DON’T KNOW WHAT’S POSSIBLE UNTIL YOU TRY TO MAKE IT HAPPEN

I recently took a trip to Lake Como in the Lombardy region of Italy near the border of Switzerland. It’s not a place many people have heard of, but if they have, they know it as the location of one of George Clooney’s many properties. Because this house happens to be a massive, dramatic villa, people tend to assume that Lake Como is a place only the insanely wealthy can afford to visit. However, when I researched the possibility of taking a trip there, I was happy to learn it was surprisingly affordable. I relay this story because it shows how much is actually available if you’re willing to look. When I speak to clients about their lives after retirement, I can’t tell you how often I hear some variation of, “Oh, I can do that?” Whether we’re talking about a dream vacation, when to retire, or what life after work will look like, people are all too willing to rule out possibilities before even giving them a chance. It seems that many of us, even myself at times, are predisposed to think of the negative first. Rather than seeking out ways to make something accessible, we assume it’s not and give up before we try.

destinations. Being proactive and creative in your planning makes travel a lot cheaper, and the internet has made it possible to do all of the research on your own. The same goes for determining when your retirement will begin and what it will look like. Is it going to happen as a matter of course? Not even close. Life is always a game of compromises, but if you investigate all of the options, you get to decide what those compromises are. IT SEEMS THAT MANY OF US, EVEN MYSELF AT TIMES, ARE PREDISPOSED TO THINK OF THE NEGATIVE FIRST. RATHER THAN SEEKING OUT WAYS TO MAKE SOMETHING ACCESSIBLE, WE ASSUME IT’S NOT AND GIVE UP BEFORE WE TRY. Let’s say, for instance, you want to retire two years earlier than you originally planned. Your first instinct may be to reject the idea as foolhardy. But what if

you were able to save a little more in the years leading up to that date, cut back on spending, and really look at how much you’ll need after work is over? It may take some sacrifice, but it could very well be possible. Again, the point is if you’re not willing to explore an option, you’ll never really know if you can do it or not. Sure, there are times when you’ll crunch the numbers and realize a certain goal is out of reach. I’m willing to bet, though, that you’ll be pleasantly surprised more often than not. I may never be able to own George Clooney’s villa. In fact, I’ll never even spend a night there, but that doesn’t mean I can’t see the same part of the world or do something just as enjoyable or fulfilling. So, in closing, I want to ask you a question. What have you always wanted to do but assumed you never could? Whatever it is, unless it’s something truly impossible like human flight, I challenge you to take a look and see what it would really take to make it happen.

–Ann Vanderslice

If you’re planning a vacation, you don’t need to stick to some predetermined list of

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An Elevated Retirement After a 40-year career in public service, mostly as a botanist for the U.S. Geological Survey, Joan Daniels retired in 2015. Well, she sort of retired because she continued to do emeritus work for another 18 months. She credits this transitionary period with helping her prepare for what her life would look like post-career.

JOAN DANIELS NEVER FAILS TO STAY BUSY

for Joan. “I have to admit, I haven’t returned to outdoor climbing yet, but I continue to climb indoors and explore the outdoors, just not in such a risky way.” What Joan has found, much like Ann discussed in this month’s cover article, is that travel is much more accessible than she once assumed. “Provided you don’t need to stay at the fanciest places,” she notes, “you can really go anywhere. On top of that, there is more than enough beauty and excitement right here in the U.S., even in Colorado, that I could never be bored.”

Our clients range from wanting to retire as early as financially possible to wanting to work for as long as they can. Joan falls somewhere in the middle. “On the one hand,” she says, “I loved my job doing field work, and I felt I was doing something important for the environment. On the other, there came a time when I realized it was time to start looking for the next chapter. As I transitioned out of working full time, I became excited about the possibilities.” Joan, a perpetually active person, always knew traveling and exploring nature would be integral parts of her retirement. “When you’re working, you don’t always have the chance to go everywhere you would like,” she says. “After retiring, I’ve been able to travel to Utah six times, make two trips to Europe, and visit Jamaica and New Zealand.” That’s quite a full passport, and those voyages often involve hiking, including a trek through the Alps. When at home, Joan stays just as busy, participating in yoga classes, learning to play golf, and spending time with her boyfriend.

As far as ideas for others who are approaching retirement, Joan has two big pieces of advice. “First, do it as soon as you feel comfortable,” she says. “You want to retire when you still have plenty of energy left. Second, find activities to keep you engaged and stimulated.” Joan credits Ann with guiding her through the retirement process and helping her approach her post-work life with zeal. “I remember Ann teaching a class about how the first ten years of retirement are the most active,” she recalls. “Since then, she’s been an invaluable resource. I meet with her regularly, and she answers questions I have about all aspects of retirement, not just the dollars and cents.” Kudos to Joan for climbing to new heights after finishing up a wonderful career. Her life is proof of what’s possible when you view retirement as a new adventure rather than just the end of work.

A climbing injury at the beginning of her retirement inspired Joan to approach the coming years with a sense of urgency. “When you’re laid up for six months, you see how precious your time is,” she reveals. “As soon as I got better, I took stock of what I wanted to do before it was too late.” While many people would use an injury as an excuse to settle into a sedentary lifestyle, it had the opposite effect

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Why Seniors Are Flocking to Home-Sharing Platforms AN OPPORTUNITY FOR EASY MONEY AND SOCIAL ENGAGEMENT

The freedom of retirement certainly comes with its perks, but challenges of post-work living exist as well. Chief among them, for most elderly folks, are fears of social isolation and financial insolvency, as having coworkers and a regular income are not as common in retirement.

But home-sharing can do more than boost your income. By opening a room in your home to travelers, you’ll encounter all kinds of people you might never otherwise meet, prompting dynamic social interactions and meaningful connections. The rating systems on Airbnb and similar platforms almost entirely prevent would-be troublemakers from entering your property, and users report that when a rare negative experience does occur, the company typically has your back. It’s a great way to stay socially engaged while staving off loneliness. Best of all, running a modestly successful Airbnb usually doesn’t take much work. It simply requires you to set up a neat, welcoming space, keep in contact with your guests, and ensure the check-in and check- out processes are as straightforward as possible. In fact, senior hosts seem to have a leg up on their younger counterparts, as elderly hosts earn the most consistently positive ratings across the globe. Airbnb and The Freebird Club won’t make you rich, but they’re relatively low-effort enterprises that come with some massive benefits. If you’re looking for a little busywork, some extra cash, and a little social interaction in your retirement, hosting may be your best bet!

Perhaps this is why so many retirees are flocking to home-sharing

platforms like Airbnb or its seniors-only cousin, The Freebird Club. Airbnb reported last year that the 60-plus age bracket is its fastest- growing demographic worldwide, with the number of senior hosts as much as doubling every year. Home-sharing platforms can be a tremendous boon to a tight retirement budget. It’s an especially attractive option to elderly folks who find themselves rich in assets but struggling with liquid finances. Home-sharing allows them to tap into these resources. According to Priceonomics, U.S. Airbnb hosts bring in a monthly average of $924.

Train Your

BRAIN!

Zucchini Salad With Toasted Hazelnuts

Inspired by Food & Wine magazine

INGREDIENTS

• 3 small zucchini (3/4 lb.) • 1/2 tsp lemon zest, grated • 3 tbsp fresh lemon juice • 3 tbsp extra-virgin olive oil • Salt and pepper, to taste • 1/4 cup toasted hazelnuts, coarsely chopped • Mint leaves, for garnish • Parmesan cheese, preferably Parmigiano-Reggiano, for garnish

DIRECTIONS

1. Using a mandolin or very sharp knife, slice zucchini lengthwise into extremely thin, wide ribbons. 2. Arrange zucchini ribbons on a plate, sprinkle with lemon zest, and drizzle with juice. 3. Drizzle oil over zucchini, season with salt and pepper, and toss. 4. Scatter hazelnuts over the top, garnish with mint and cheese, and serve.

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issue INSIDE THIS Stop Saying ‘I Can’t Do That’ PAGE 1

There’s So Much to Do PAGE 2

Why Seniors Are Flocking to Home-Sharing Platforms PAGE 3 Exploring the River of No Return PAGE 4

JOURNEY DOWN A RIVER OF NO RETURN The Unspoiled Beauty of Central Idaho

RAFTING ISN’T FOR ME. WHAT ELSE YOU GOT? If crashing down 300 Class III rapids isn’t your speed, the Frank Church Wilderness has plenty of other ways to enjoy the wild mountain country. There are several lodges that were grandfathered in to the wilderness area, most of which are only accessible by jet boat, light aircraft, or good old-fashioned hiking. Some, like the Middle Fork Lodge, offer five-star accommodations, located conveniently close to one of the area’s many natural hot springs. Those with the right permits will find the rivers and lakes full of fishing opportunities, and the surrounding pine forests are teeming with game. LODGES? I JUST WANT TO GET AWAY FROM IT ALL. For those looking for a truly unplugged experience, backpacking to the many campsites scattered throughout the region can be an incredible journey. If you spend a night beside the crystal-clear waters of Langer Lake, hundreds of miles away from any light pollution, you’ll find peace, quiet, and a sky bursting with stars. If you’ve ever wanted to experience a truly untamed part of the United States, Idaho is the hidden gem you’ve been looking for.

There’s more to Idaho than potatoes. Sitting square in the center of the Gem State is one of the largest contiguous areas of protected wilderness in the U.S. While the Frank Church-River of No Return Wilderness Area may not roll off the tongue as easy as Yellowstone or Yosemite, this 2 million-acre swath of mountains, gorges, and alpine lakes offers something for outdoor enthusiasts of all stripes. RIVER OF NO WHAT, NOW? The name of the wilderness may sound a little ominous at first — who wants to travel down a river of no return? — but in truth, it’s a title from times gone by when canoes and small watercraft could travel down the Middle Fork of the Salmon River swiftly but couldn’t fight the current going back up. Today, those same rapids make the Middle Fork a wildly popular whitewater rafting destination, with plenty of local and out-of-state enthusiasts making a return journey every summer.

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