Today is Independence Day in the United States. And what better day to think about our own personal independence. More importantly for our retirement, does an encore career factor into it?
You may recognize the building in the picture above. It’s the NASA Vehicle Assembly Building (also known as the VAB) located in Cape Canaveral. This week, Sharlyn and I had the honor of visiting as a guest of the NASA social media team to watch their latest launch of the Orion capsule.
I’m happy to say that the launch was a huge success! But, on the drive to the Cape, I thought about everything that went into this launch. The years of planning and thousands of man-hours from NASA and their private partners. Personally, Sharlyn and I needed the independence to make the trip – in terms of both time and money.
In retirement, we get the time to spend doing the things we really love. But for many of us, the lack of money in retirement could limit our independence. Balancing our retirement stop-working date with our future financial requirements is something we all need to do.
So we need to plan for that! And an encore career could offer a solution. None of us can predict the future but we can plan based on what we know. There are many free resources from the Social Security Administration that can help. Spend a little time between the barbecue and fireworks and see how independent you can be in retirement.
We have often said that successful retirement needs a lot of planning. Knowing your financial needs and the limits of Social Security are important. Just as important is understanding your personal contribution to retirement finances. And that could go a long way toward your own independence.