Tales of Retirement

Tom Palome’s story has been circulating the internet as a cautionary warning about retirement planning. A former Oral-B executive who was used to raking in six-figure salary and flying business first class to Europe – can now be found grilling at a golf club for minimum wage and doing food demos for $10 an hour at Sam’s Club during his retirement years.

The changes between his career and retirement are almost black and white. Palome was able to pay off his mortgage and put his kids through college, but he admit that he did not properly prepare for his retirement, especially after the financial crisis which affected many middle class families. According to the article, Tom’s only regret, “I thought I could do it on my own.” However, he remained positive and persistent to find a job, even though he was skeptical of landing one because of his age.

Financial planning is key to a successful retirement. No matter how you choose to spend your retirement, whether if it’s traveling, spending time with grandchildren or opening a new business – you must be prepared and plan ahead for whatever goals you have for your retirement.

Here are some financial tips that you can use to help you:

1. Know your retirement needs and goals.

2.  Understand your investments, Social Security benefits and pension plan.

3. Plan for the unexpected (healthcare costs, accidents, etc.).

4. Research other financial options to help fund your retirement needs.

Reverse mortgage can be a viable financial planning tool for those who qualify. To learn more about how a reverse mortgage can work for you, you can speak with an advisor by calling 1-888-808-8486.

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How Do You Know If You’re Ready to Retire? 

Less Retirement Means Looking at Alternative Options

 

Image courtesy of [Stuart Miles] / FreeDigitalPhotos.net