Our belief is that wealth comes down to the balance between how much you have saved and the costs of the lifestyle that you wish to pursue. Some of our wealthiest clients do not have much capital on their personal balance sheet. Nonetheless, they have plenty of money for their lifestyle and are in fact extremely comfortable. True wealth is a matter of deciding what you want to achieve with your capital while ultimately living within your means.
A good financial planner can help you reach your own definition of wealth that work uniquely for you. Together, you can take a close look at your needs versus your wants. What is the cost of shelter, for example. Some people’s ideal shelter will cost a lot more than others.
What some might identify as a want, others might consider an absolute necessity. For example, if your grandchildren live across the country, you may consider it a necessity to visit them frequently. You do not want to think of that as a negotiable part of your budgeting.
In assessing how to meet your needs and wants, it is necessary to take into consideration all of the resources that you have gathered during your lifetime, as well as other income sources such as your pension and Social Security benefit. We look at the various strategies regarding the timing of these benefits and how you might maximize them.
Countless retirees today are concerned about specific issues that weigh heavily on their minds. Throughout my career, I have seen a wide variety of scenarios and they that often repeat themselves. Individual circumstances, on the other hand, are unique and call for thoughtful planning, advice, and execution. A competent advisor will walk you through the calculations, probabilities, and extensive planning necessary to assist you in drafting, formalizing, and acting on your intentions.
**Excerpt From “Financial Stability For Life”, by Daniel E. Butler, CFP®
Any opinions are those of Butler Financial, LTD. and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation.
