Retiring in Style

Formulas Only Take You Part of the Way, the Rest Is the 'Right' Frame of Mind

Let’s face it: finding balance in life is tough. There’s a time to save, a time to spend. There’s a time to be frugal, a time to be lavish. There’s a time to work, and a time to retire! Yay!

Intuitively, we know this balance of life makes sense, but just how do we go about it? When is enough, enough? There are several different approaches to determining just how much one needs to retire comfortably.

There’s the 4% and the “100 minus age” approach, and the “replace 80% of your pre-retirement income” approach, just to name three. But how do determine what you need to retire in style?

You may think it’s about how much you have but, really, style has more to do with enjoyment and the manner in which you do something.

Would you enjoy a penthouse in the middle of Times Square and a $1,000 bottle of champagne? You may not live with respect to that expense every night, but more than likely you could enjoy it once. Live it up, indulge yourself in your definition of luxuriousness … periodically.

Maybe your vision is a cool ocean breeze while cruising on a yacht through the sultry waters of the Mediterranean. You make a stop to go “Bond” and linger at Monaco for a bit of gambling. Why not? Enjoy a night of splurging now that you have done the hard work of saving and investing.

Or maybe your retirement dream takes you to the far reaches of the Adirondacks. Rent a house on the Adirondack trail, saddle up your horse and enjoy all the hidden delights the forest has to offer as you amble along. Then it’s back to the cabin for choice steaks and wine in the evening.

Time is cruel master, and we should take care to spend it wisely.

Whatever you think about the amount of money you have when you are at retirement, remember that everyone has different goals for retiring “comfortably,” as they say.

Retiring in style doesn’t take much at all: just the right frame of mind—and maybe a dip into the savings now and then, just for the fun of it!

Bye now! I’m off to find that crazy new treehouse I heard about on Airbnb.

Tracy Ann Miller is a wealth manager at Credent Wealth Management, 5700 NW 130th St.,Suite 1, Oklahoma City, OK 73142; telephone 405.470.0359.

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