The first time Laura and Scott Geiger of Spring City, Chester County, started thinking about life planning was after the birth of their first child.
In their late 30s at the time, they wrote a will and then updated it after the birth of their second daughter.
Now on the verge of turning 50, they are in the next stage of life planning with a focus on having powers of attorney drawn up and mapping out an early retirement plan.
Initially their focus was on making sure there was protection in place for their children in the event anything should happen to them, and now it has shifted to focusing more on themselves and mapping out a game plan to ensure a secure and comfortable retirement.
“Scott hopes to retire by age 60, so we’re focusing on building a nest egg outside of retirement,” Laura said, adding the reason this is particularly important to them is because both of their parents had parents who lived longer than expected and didn’t have funds in place to support their longevity.
Transition to retirement
The Geigers’ house will be paid off in eight years, which brings them anticipatory relief. Their strong vision on and transition to retirement includes moving to a lakeside home and having small jobs and time for hobbies centered around boats, fishing and ski slopes.
Having a plan sorted out — both the mental picture and a realistic financial plan — enables Laura to live more presently as she draws closer to the active aging category.
“We can focus on enjoying life and not feeling stressed out,“ she said. “That is why we have been so aggressive with our retirement savings.”
She said it definitely works to their benefit that Scott is a certified financial analyst, making him savvy with retirement funds, enabling them to be more self-reliant.
Valuable insight
Laura is employed by an artisan bakery that has a social work component through employing people with special needs, but she previously worked in a nursing home for five years as an admissions director and prior to that was a social worker at another retirement facility.
Working in that environment for so many years equipped her with valuable insight that she can put to use today.
Outside of the financial picture, life planning also encompasses personal goals and lifestyle related to sustaining and extending one’s well-being in addition to prioritizing accomplishments that equate to fulfillment.
“I want to be stronger, and I’m working on balance, which is important as we age,” Laura said. “When you’re nearing age 50, you reflect on how fast life goes and focus on enjoying life more.“
She also enjoys listening to podcasts and reading books that help enrich her life and enhance her wellness.
“It’s not as much about wanting to live to a certain age as it is about wanting to live well,” she said. “That’s why balance and strength are so important to me, and right now I feel very strong and I want to preserve that.”
AARP life planning book
“Roadmap for the Rest of Your Life” by Bart Astor features solid solutions and step-by-step instructions on how to plan for the next stage of your life.
Life after 50 isn’t what it used to be. The rules have changed. No more guaranteed pensions, retiree health plans or extensive leisure and travel. It’s time to forge new paths and create innovative models. That’s where the AARP “Roadmap for the Rest of Your Life” comes in. Astor, author of more than a dozen books, offers a comprehensive guide for making lifestyle decisions, growing your nest egg and realizing your goals.
This AARP book:
• Provides guidance on the key areas you’ll need to consider: finances and work, health and fitness, Medicare and Social Security, estate planning, insurance, housing and more
• Offers expert tips on creating age- and health-specific goals through a personal Level of Activity scale based on how active you can and want to be
• Includes tips for finding fun and fulfilling activities and even completing your bucket list
• Supplies ready-to-use worksheets to help you set and meet financial planning goals, get your legal affairs in order and maintain adequate health insurance
• Contains a comprehensive list of valuable resources
• Available for purchase at www.amazon.com
Credit: www.aarp.org.
