- May 17, 2024
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By: Nikia Wells
CLICK HERE to watch the complete Breadwinning After Retirement Webinar with Deal & Gibson to learn more about:
1. Effective retirement planning
2. Avoiding potential retirement pitfalls
3. Planning for the unexpected
4. Monthly budgeting for pension or retirement savings
5. How you can create a retirement roadmap that meets the future needs of you and your family with RF Bank & Trust.
Success is subjective. For entrepreneurs and business professionals, that drive for their individual idea of success often stems from a desire to create a better life not only for themselves but also for their families. While professional fulfillment and achieving business goals are undoubtedly significant motivators, the underlying aspiration for many is to establish a solid financial foundation that can sustain their loved ones long after they have stepped away from the professional world.
...the underlying aspiration for many is to establish a solid financial foundation that can sustain their loved ones long after they have stepped away from the professional world.
Lincoln Deal has carved out a name for himself as a respected entrepreneur who is well known for his business ingenuity and professional drive. But, his most important role is that of husband and father. During the recent Breadwinning After Retirement Webinar, hosted by RF Bank & Trust’s Quentin Gibson, Deal highlighted how it is imperative for him to prepare now for the financial future of not only himself, but also his wife and children.
CLICK HERE for more information on how to start your own retirement planning roadmap.
Retirement marks a significant transition in an individual’s professional journey. It’s a time when the fruits of decades of hard work should ideally be enjoyed without the burden of financial worries. Yet, reality can often fall short of this ideal, with many finding themselves ill-prepared to meet their personal needs, let alone those of their family, after stepping away from their careers.
Deal notes that when he first started his professional journey, he was laser focused on business growth and making money, but once he started his family, his priorities shifted. He had to allocate his time and monetary resources in different ways to meet their needs. It was also at this time that he started to consider his ‘legacy”.
He noted that having a family made him realize the importance of not just growing his business pursuits, but also developing long-term financial stability. “[It was important to me to] basically ensure the continuity and the continuation of what was built over all those years.”
Breadwinner is a term that is used to describe the primary or sole income earner in a household. Over the years, the concept has evolved from historically being seen as the role of a husband supporting his family, to transcending traditional gender or familial roles.
With financial stability hinged mainly on the income of one individual, creating a roadmap for the future is vital. At the heart of retirement planning lies the fundamental goal of ensuring that financial resources are sufficient to maintain a comfortable standard of living throughout the post-career years. However, beyond personal comfort, the ability to support others remains a paramount concern for many individuals. Whether it's providing for children's education, assisting aging parents, or simply ensuring a secure future for loved ones, the financial obligations that extend beyond an individual’s own needs underscore the critical importance of early and diligent retirement planning.
Whether it's providing for children's education, assisting aging parents, or simply ensuring a secure future for loved ones, the financial obligations that extend beyond an individual’s own needs underscore the critical importance of early and diligent retirement planning.
Gibson, who has worked with many clients over the years and seen an extensive range of scenarios that can derail individual retirement plans, emphasized the importance of accounting for known and unknown variables. These include rising costs of living and inflation, planning for unforeseen medical challenges, etc. Without planning, Gibson notes that he has met with a number of individuals who have had to reenter the job market, post retirement.
Deal also notes that he often thinks about unforeseen variables when considering the future. “I believe that in our society, we always think we have a lot of time - there's years and years to build all of this wealth. But without strategic [planning], there's so many things that can happen. You could have a health issue, or some of your dependents may have to come back to the home. So, in these different scenarios, the way that you financially planned over the years, and the things that you have put in place, can ensure that you're able to live a peaceful and comfortable life.”
There are many compelling reasons why early preparation for retirement is essential for effectively supporting a family. It allows individuals to take advantage of the power of compounding, enabling their investments to grow over time. Early retirement planning also affords individuals the opportunity to explore diverse investment avenues and tailor their financial strategies to align with their long-term goals. This can also allow individuals to cultivate a robust financial foundation that not only safeguards their own future but also ensures a legacy of support and prosperity for generations to come.
RF Bank & Trust’s team of experienced financial advisors has the expertise to help you create a future of financial stability for your and your family. For more information about how you can navigate your own retirement journey, CLICK HERE so that we can connect you with the right advisor to meet your financial planning needs.