On a recent trip to New York City, my son Noah and I wandered through SoHo, stumbling upon NYU’s vibrant campus. As we soaked in the lively atmosphere of Washington Square Park, my 13-year-old expressed his desire to attend college in a bustling city. With dreams of filmmaking and sound design, he cheerfully said, “Maybe I’ll end up here at NYU, Mom.” Watching him roam in and out of trendy shops, I thought I had plenty of time to figure out college expenses.
Curiosity got the best of me, so I looked up the cost of attending NYU. My jaw nearly hit the floor as I broke into a sweat, jolting my husband, Mike, from his TV trance to announce that we had a financial conundrum. I’d been blissfully oblivious to the rising costs of education, and suddenly it hit me—retirement and the end of our careers are approaching faster than I imagined.
Before long, we’ll need to step up our game. We’ve got kids to send to college, retirement celebrations to plan, and vacations to enjoy with our fellow seniors who have scrimped for the chance to tour Tuscany or kiss the Blarney Stone. My vision of becoming a carefree beach bum with nothing to worry about but when my next margarita is coming might not be so far off.
It dawned on me that we need a solid plan because those beachside margaritas won’t make themselves. Thankfully, Mike is accustomed to my occasional freak-outs and is eager to dive into financial planning because, let’s face it, he’s the responsible one. Here’s the strategy we’ve devised so far:
1. Have a candid discussion about retirement aspirations.
After my initial shock over college costs wore off, Mike and I sat down to discuss our retirement visions. While our goals were somewhat aligned, we discovered we had different expectations. He sees us working into our 70s (not necessarily in our current careers), while I dream of clocking out the day I hit 55. Acknowledging these differences has sparked a series of discussions about how we can merge our dreams, paving the way for those beach margaritas sooner rather than later.
2. Assess your finances honestly.
With kids and busy work lives, it’s easy to fall into the trap of convenience spending—dining out, dry cleaning, and other shortcuts that seem harmless now. Fast forward ten years, though, and you might realize that money could have gone toward your IRA or 401(k). Scrutinizing your monthly expenses can be daunting, but thinking about that dream beach house can motivate you to cut back on takeout and reduce the cleaning service. Every dollar saved can bring you one step closer to sandy toes.
3. Strengthen your relationship for retirement bliss.
This may seem obvious, but as you approach retirement, you’ll notice your children and daily distractions will no longer be your shared focus. Recognizing that you may have drifted into separate interests over the years will help you envision what your relationship will look like during those peaceful beach walks or exciting world travels. Do the necessary work now to ensure your retirement toasts are filled with joy, not surprises.
4. Get serious about estate planning.
No one wants to face the reality of mortality, especially when it comes to imagining not being there for grandkids. However, preparing for the inevitable while you’re healthy allows you to take charge of your assets. You can always adjust who inherits your prized possessions, whether it’s your beloved collection of vintage teacups or your grandma’s dining table, as family dynamics change.
Sure, college and retirement may feel like a distant concern for many of us, but the reality is they are approaching more quickly than we realize. As I reflect on how fast my kids are growing up, I know these years will pass just as swiftly. And in those chaotic moments—when the dog is barking, dinner is late, and school projects spring up out of nowhere—it helps to remember that every effort I make now is a step toward enjoying those well-deserved margaritas by the beach in retirement.
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Summary:
As retirement approaches faster than expected, it’s essential to have open conversations about goals, assess finances honestly, strengthen relationships, and engage in estate planning. These proactive steps will enable you to enjoy a fulfilling retirement filled with beachside margaritas and cherished memories.